Carl Icahn told CNBC on Monday that overprinting of the US Federal Reserve and high inflation will be problematic in the long run. The billionaire investor commented that individual and wholesale prices were at multi-year highs. He said he hasn’t invested in Bitcoin (BTC), but that crypto could be valuable if inflation is “widespread.”
Billionaire investor commented on the US economy
In the long run, stocks are finally heading towards a “crisis” as the excess in the money supply unleashed by the US government and Federal Reserve increases inflationary pressures, billionaire investor Carl Icahn told CNBC on Monday, adding:
In the long run, we will definitely hit the wall. I think there’s going to be a real crisis with the way we’re going, the way we print money, the way we go about inflation. If you look around you see inflation all around you and I don’t know how you’re going to deal with it in the long run.
The outbreak of COVID-19 in the US last year prompted two White House administrations and the country’s central bank to inject trillions of dollars into the financial system. Lawmakers have spent at least $5 trillion in federal aid, such as stimulus checks sent to Americans, to help citizens stay afloat.
Icahn acknowledges Bitcoin (BTC) potential: It can hold its value
Amid the high prices, Icahn acknowledged that Bitcoin has potential. He said he did not understand Bitcoin and that his company, Icahn Enterprises, did not invest in the world’s most traded cryptocurrency. However, he added that BTC could hold value in the face of rising inflation. “If inflation goes up, I guess it has value. But will inflation become widespread? Or will the government come and stop it like it did in China?” “For me, it’s very difficult to invest because there are so many variables,” Icahn said.
cryptocoin.com As we reported, Bitcoin prices have risen in recent days after the first Bitcoin-linked exchange-traded fund in the US was launched on Tuesday with ETF provider ProShares. The cryptocurrency, which ranks at the top with its market value, is trading at $ 62,117 with an increase of 1.1 percent in 24 hours. It’s up 8% in the last 7 days, with almost $2,000 left to hit its all-time high.
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