Billionaire investor Carl Icahn thinks Bitcoin may be the best hedge for inflation

Billionaire investor Carl Icahn warned Tuesday that the next market crisis may be on the horizon, and Bitcoin could be the best hedge against inflation.With the United States government continuing to stimulate the economy, Icahn stated that he fears the dollar is becoming more devalued and that the price of goods is rising.“In the long run we are certainly going to hit the wall. 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. If you look around you, you see inflation all around you and I don’t know how you deal with that in the long term.” Icahn said on Monday with CNBC. His comments were in line with 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, particularly due to supply bottlenecks in some sectors,” Powell said in prepared remarks. “These effects have been larger and longer lasting than anticipated, but they will abate, and as they do, inflation is expected to drop back toward our longer-run 2% goal.”Icahn mentioned investing billions in cryptocurrencies this year, but still has not added a position in this market — at least not that he has stated publicly. Ryan Adams, founder of crypto investment firm Mythos Capital and Bankless, speculated that Icahn may have a position. The billionaire still believes there may be an alternative to investing in the stock market, and cryptocurrencies may be worth exploring:”We got 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. We’re not going to invest in something we don’t get […] The jury is really out on whether bitcoin has intrinsic value or acts as a store of value. If inflation gets rampant, I guess it does have value. There are so many variables, it is a very difficult thing to invest in.”

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Chainalysis will add Bitcoin to its balance sheet as price surges

Blockchain analytics firm Chainalysis plans to purchase an undisclosed amount of Bitcoin for the firm’s balance sheet through New York Digital Investment Group’s brokerage services.In a Tuesday blog post, Chainalysis said it will expand its partnership with the New York Digital Investment Group, or NYDIG, to buy an undisclosed amount of Bitcoin (BTC), the price of which reached a five-month high of $63,293 earlier on Tuesday. The firm said the purchase was “guided by strong confidence in Bitcoin” in addition to the NYDIG’s expertise in the digital asset space. “Chainalysis is laser-focused on its commitment to building trust in cryptocurrency as a digital asset, and we are thrilled to be adding Bitcoin to our corporate investment portfolio,” said Chainalysis co-founder and CEO Michael Gronager. “This is Chainalysis’ first acquisition of cryptocurrency, and we will continue to pursue other digital assets as potential future investments.”Following a $100 million fundraising round in June, Chainalysis was valued at $4.2 billion. Data from the firm has often been used this year as ransomware hackers demanding payment in cryptocurrency stepped up their attacks. The company investigated Russia-based business Suex OTC, recently targeted by the United States Treasury Department and acquired cybercrime investigative firm Excygent earlier this month.Related: Chainalysis has crypto’s ‘heightened momentum’ to thank for multibillion-dollar valuationChainalysis’ Bitcoin investment will follow purchases from companies including Tesla, Square, Voyager Digital, Galaxy Digital, and MicroStrategy. The business intelligence firm holds 114,042 BTC, worth more than $7 billion at the time of publication. Car manufacturer Tesla currently holds an estimated 43,200 BTC, or roughly $2.7 billion.

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Fintech panel forecasts $80K BTC price top this year — Finder poll

A favorable macro environment, strong on-chain fundamentals and the approval of new futures-based exchange-traded funds (ETFs) in the United States are set to launch Bitcoin (BTC) to new all-time highs this quarter, according to a survey of fintech industry specialists commissioned by Finder.The 50-person industry panel expects Bitcoin to peak just above $80,000 this quarter before ending the year at around $71,400. The flagship digital currency is trading at $62,600 on Tuesday, according to Cointelegraph Markets Pro. An $80,000 target represents 28% more upside for BTC in the coming months. Finder’s panel includes Cypherpunk Holdings chief operating officer Daniel Cawrey, Bitcoin Reserve CEO Nik Oraevskiy, Kraken director Jonathon Miller, Arcane research analyst Vetle Lunde and Ki Young Ju, the CEO of CryptoQuant. Seven university professors from across Asia, Europe and Australia also gave their insights.Although the consensus target puts Bitcoin on track for a bullish quarter, it’s well below the coveted six-figure price level many analysts believe is not only possible but likely. Forecasts from Standard Chartered and Bloomberg suggest $100,000 Bitcoin could become reality this year due to a combination of technical, fundamental and adoption-based factors. Related: Buy the rumor… buy the news? BTC price passes $63K as US Bitcoin ETF launchesAside from the psychological milestone, a $100,000 BTC price target isn’t nearly as important as determining when the current market cycle will peak, assuming it hasn’t already. Institutional involvement in Bitcoin has accelerated over the past five weeks, offering a compelling sign that the bull market has resumed following the summer drawdown. According to on-chain analyst Willy Woo, the next phase of the Bitcoin market will be “more volatile” than the previous bull periods, which implies a longer time horizon for the current cycle.

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All-time highs next? Bitcoin holds $62K as the Dollar index tumbles to 3-week lows

The U.S. dollar index (DXY) could continue its slide in Q4, according to a classic technical setup known as Rising Wedge. The greenback’s bearish prospects may boost Bitcoin’s (BTC) price to new all-time highs as BTC holds above $62,000.DXY poised for another 1.75% dropRising Wedges are bearish reversal patterns that begin wide at the bottom but contract as the price increases. As a result, the trading range narrows, which makes the rally unconvincing. That typically prompts the price to break below the Wedge’s support line and later fall by as much as the maximum distance between the pattern’s trendlines.DXY has been forming a similar price structure since August 2021. Moreover, the index’s decline this week had it break below the Wedge’s support line, therefore triggering a bearish setup towards 92.416, down about 1.75% below the level of breakout (~93.98).DXY daily price chart featuring rising wedge setup. Source: TradingViewA week ago, DXY had reached a one-year high of 94.563, reaping benefits from stagflation fears and the Federal Reserve’s decision to unwind its $120 billion a month asset purchase program in November 2021, followed by interest rate increases next year.But the index dropped to its three-week low on Tuesday, underscoring that money markets have priced in the Fed’s tapering decision. Instead, their focus has shifted towards policy normalization elsewhere, including the United Kingdom, where analysts have forecasted rate hikes worth 35 basis points by the end of this year.Bitcoin rallies on ETF FOMOBitcoin price found support from the weaker dollar this week, as well as optimism about the debut of the first exchange-traded fund (ETF) tied to BTC Futures on the New York Stock Exchange.BTC/USD rallied by over 40% month-to-date to hit a five-month high of $62,987 Tuesday. A minor correction ensued, but Bitcoin held $62,000 as its interims support against a weakening dollar sentiment. BTC/USD daily price chart featuring ascending channel pattern. Source: TradingViewTechnically, Bitcoin reached the bullish exhaustion level of its prevailing ascending channel range. With its relative strength index (RSI) also overbought with a reading above 70 on the daily timeframe, the cryptocurrency could undergo an interim price correction with a short-term support target near $60,000.But long-term, multiple analysts anticipate the Bitcoin price to hit $100,000. Tom Lee, the co-founder of Fundstrat Global Advisors, said in a note Monday that ETFs based on Bitcoin Futures would together attract more than $50 billion in inflows in the first year, adding that BTC could conceivably rise to $168,000 in response.Related: BTC price is up 50% since China ‘selflessly’ banned Bitcoin miningJurrien Timmer, director of global macro at Fidelity Investments, noted that Bitcoin would become a six-figure asset by 2023, citing Metcalfe’s law, which measures a network’s value based on its growth rate.”Other technology innovations, and even, like, a stock like Apple — not that I’m a security analyst — has gone through that same process, where its sales go up 38-fold over 10, 20 years, and its market value goes up by 900-fold,” Timmer told Yahoo Finance, adding:”So it’s an exponential increase. And based on those metrics, by 2023, my models show $100,000.”The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph.com. Every investment and trading move involves risk, you should conduct your own research when making a decision.

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