USA Dollar

US Billionaire Says Bitcoin’s Rise Will Collapse US Dollar

Billionaire and American hedge fund manager Bill Ackman acknowledged that the US dollar could be on the path of a decline, and Bitcoin or the new BRICS currency could pin the last nail in its coffin. While Bitcoin touched a new high of $71,175, investors are flocking toward the cryptocurrency market for gains. The development is adding pressure on the US dollar as the majority of traders are now looking into BTC to make profits.

Also Read: Will BRICS Change Its Name After Expansion?

BRICS: Bill Ackman Thinks Bitcoin Could Grow Stronger Than US Dollar

bitcoin btc federal reserve feds dollar usdbitcoin btc federal reserve feds dollar usd
Source: Canva

Ackman explained that while Bitcoin is using higher energy to mine, its price skyrocketing is attracting new investors. The billionaire added that he too considers buying Bitcoin as it highlights the changing dynamics of the financial world. He expressed caution about the US dollar’s prospects as both Bitcoin and BRICS currency are looking to dethrone it.

Also Read: 3 US Stocks To Watch This Week For Good Profits

“A scenario: Bitcoin price rise leads to increased mining and greater energy use, driving up the cost of energy, causing inflation to rise and the dollar to decline, driving demand for Bitcoin and increased mining, driving demand for energy and the cycle continues. Bitcoin goes to infinity, energy prices skyrocket, and the economy collapses,” he tweeted.

Also Read: Cryptocurrency: 3 Coins Worth in Cents Are Set To Reach $1

The billionaire added that he is also considering buying Bitcoin now for the above reasons. “Maybe I should buy some Bitcoin,” he said, indicating that he now supports the cryptocurrency. Billionaires are now losing faith in the US dollar as Bitcoin and BRICS are looking to uproot its supremacy. Read here to know how many sectors in the US will be affected if BRICS ditches the dollar for trade.

However, the founder of MicroStrategy, Michael Saylor piqued in urging Ackman to buy “some Bitcoin”. He replied to Ackman’s tweet “You should buy some Bitcoin, but not for the reasons cited above. Most bitcoin miners are driving the cost of electricity down for other consumers, not up. Let me know if you would like to discuss 1 on 1,” he said.

Source link

Leave a Response