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Tags: Biden Administration | Coronavirus | Financial Markets | Infrastructure | Money | Retirement | Vaccines

Icahn: Bitcoin a 'Ridiculous Bubble', Markets 'Going to Hit a Wall'

Icahn: Bitcoin a 'Ridiculous Bubble', Markets 'Going to Hit a Wall'

By    |   Monday, 18 October 2021 02:40 PM

Speaking on CNBC's "Fast Money Halftime Report +" Monday, billionaire investor Carl Icahn called Bitcoin and other cyptocurrencies "ridiculous" "bubbles" bound to burst. Cryptocurrencies, Icahn said, are crying out for regulators to stem the craze.

"I wouldn't touch that sutff," said the Icahn Enterprises chairman, who also spoke about the markets, warning of an impending "crisis" to come as a result of $3 trillion in quantitative easing -- plus an addiitonal $5 trillion in COVID-19-related stimulus payments to Americans.

"Worthless" is how Jamie Dimon, chief executive officer of JPMorgan Chase & Co. characterized the crypto craze last month, at a virtual conference of the Institute of International Finance.

While JPMorgan Chase might consider custodying cryptocurrencies and offers digital wallet services, Dimon said, JPMorgan is waiting for the government to step in with regulatory guidelines.

"No matter what anyone thinks about it, government is going to regulate it," Dimon said. "They are going to regulate it for [anti-money laundering] puposes, for [Bank Secrecy Act] purposes, for tax," Thomson Reuters reported.

"I personally think that Bitcoin is worthless. I don't think you should smoke cigarettes, either."

Bitcoin, now trading at $61,934.79, is up 1.73% for the day. In its 52-week range, it hit a low of $11,408.29.

Gary Gensler, chairman of the U.S. Securities and Exchange Commission (SEC), recently testified before Congress how the SEC is making cryptocurrency regulation one of its top priorities, in order to protect the investing public.

The Commodity Futures Trading Commission (CFTC) has also flouted the idea of overseeing cryptocurrencies, which trade on private markets, and do not currently fall under the auspices of any one regulator.

'There Will Be a Crisis'

Icahn also discussed his long-term outlook for the U.S. markets, expressing his concerns over Treasury's $3 trillion in quantitative easing (QE)  via its monthly $120 billion bond buying program. This, coupled with the $5 trillion that the U.S. government has sent to Americans to help them weather the COVID-19 pandemic, via relief programs and direct stimulus payments, has the billionaire investor concerned.

"In the long run, we are certainly going to hit the wall," Icahn said. "I really think there will be a crisis, the way we are going, the way we are printing money -- the way we are going into inflation."

CNBC notes how "the massive money supply has partly contributed to rising price pressures in the economy. Inflation ran at a fresh 30-year high in August amid supply chain disruptions and extraordinarily strong demand."

September retail sales, for instance, surprised economists with a 0.7% bump, driven by both in-person and online sales.

© 2021 Newsmax Finance. All rights reserved.


StreetTalk
Speaking on CNBC's "Fast Money Halftime Report +" Monday, billionaire investor Carl Icahn called Bitcoin and other cyrptocurrencies "ridiculous" "bubbles" bound to burst.
Bitcoin, Carl Icahn, cryptocurrencies
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2021-40-18
Monday, 18 October 2021 02:40 PM
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