Billionaire Carl Icahn calls Bitcoin an inflation hedge

Carl Icahn, founder of Icahn Enterprises, warned in an interview with CNBC of an impending crisis and asserted Bitcoin’s inflation-hedging properties against inflation.

Previously a Bitcoin skeptic, he voiced concerns about the dollar’s devaluation and warned of a high likelihood of an inflationary spiral driven by stimulus to the economy.

«In the long run, financial markets will certainly hit a wall. The crisis is inevitable because of how we print money and enter inflation. The rise in consumer prices has become all-encompassing. I don’t know how you will cope with this», — Icahn said.

When asked about investments in Bitcoin, the billionaire gave an evasive answer.

«There are many smart people on our team, and we simply don’t understand Bitcoin. We’re not going to invest in something we don’t get […] If inflation gets out of control, the first cryptocurrency will gain value. There are many variables; investing in this asset is very difficult», — he explained.

Earlier in May, Carl Icahn said he planned broad-based investments in cryptocurrencies.

Subscribe to ForkLog’s channel on YouTube!