Billionaire investor Carl Icahn warned Tuesday that the next market crisis could be on the horizon, and Bitcoin could be the best hedge against inflation.
With the U.S. government continuing to stimulate the economy, Icahn declared that he fears that the dollar will devalue more and that the price of goods will rise.
“In the long term, we’re definitely going to hit the wall. I really think there will be a crisis in the way we go, the way we print money, the way we go into inflation. If you look around you see inflation all around you and I don’t know how you deal with it in the long run. Icahn noted Monday with CNBC.
His comments were in line with those of Federal Reserve Chairman Jerome Powell, who mentioned that inflation was rising along with supply issues:
“As the economy continues to reopen and spending rebounds, we are seeing upward pressure on prices, especially due to bottlenecks in certain sectors,” said Powell. noted in the prepared remarks. “These effects have been larger and longer lasting than expected, but they will subside, and as they do, inflation should fall back towards our longer-term target of 2%.”
Icahn mentioned having invested billions in cryptocurrencies this year, but still hasn’t added a position in that market – at least not what he has stated publicly. Ryan Adams, founder of crypto investment firm Mythos Capital and Bankless, speculated that Icahn can have a job.
The billionaire again believe there may be an alternative to investing in the stock market, and cryptocurrencies may be worth exploring:
“We have a lot of smart guys working at Icahn & Company, and we just don’t understand bitcoin. I’m not saying it’s bad or good, I’m just saying we don’t understand it. not going to invest in something we don’t get […] The jury is still out on whether bitcoin has intrinsic value or acts as a store of value. If inflation becomes rampant, I guess it has value. There are so many variables, it is a very difficult thing to invest in.