Bitcoin can protect against inflation, admitted billionaire Icahn

Well-known American billionaire Carl Icahn suggested that BTC could really gain a reputation as a hedge against it in addition to rising inflation, although admitted that he did not fully understand it.

Carl Icahn, who served as President Donald Trump’s adviser on regulatory reform in the White House in 2017, expressed great concern in an interview with CNBC about the continuing depreciation of the US dollar. He personally expects inflation to rise further and is not just temporary.

“In the long run, we decide to rush to the wall. I really think it will culminate in a crisis. We print money, so inflation is rising. When you look around, we see inflation everywhere and I don’t know how to deal with it in the long run,” said very skeptically.

Icahn is more skeptical than Powell

Icahn’s comments follow a recent statement by the head of the Fed, the US central bank, Jerome Powell, who admitted that inflation is rising alongside what is escalating supply chain problems. “As the economy reopens and spending recovers, we are seeing upward pressure on prices, mainly due to supply bottlenecks in some sectors.” said Powell. ,These effects are greater and more lasting than expected, but will fade. We also expect inflation to fall back to our long-term target of 2%. “

BTC could act as a hedge

However, Icahn is more skeptical about inflation and does not think we can get rid of it so easily. For this reason too, he sees an opportunity for BTC, which can really prove to be a store of value. However, he himself did not invest in it.

“There are a lot of smart people working at Icahn & Company, but we still don’t understand BTC. I’m not saying it’s bad or good, I’m just saying we don’t understand. We are not going to invest in something we do not understand. We are really interested in the question of whether BTC has intrinsic value, or whether it functions as a sustainer of value. However, if inflation spreads, I think it will be of real value. However, there are an awful lot of variables. It is very difficult to invest in this matter.” he said.

Scott Minerd gives his hands away from BTC

In addition to Icahn, Scott Minerd, CEO of Guggenheim Investments, admitted that BTC was misunderstood. His company started a few months ago interested in BTC and he himself predicted BTC’s price of $ 400,000 and later even $ 600,000. However, when BTC began to fall in May, he said it would fall to $ 15,000. None of his predictions worked out for him, so he even decided to leave the BTC market and admit that he simply did not understand BTC.

Scott Minerd says he’s no longer invested in #BTC:

“The one thing I learned as a bond trader years ago, when you don’t understand what’s happening, get out of the market… So discipline tells me now I don’t fully understand this.” pic.twitter.com/UcnXQGAb5m

– Bloqport (@Bloqport) October 19, 2021