Billionaire Carl Icahn can invest up to $ 1.5 billion in cryptocurrencies, while noting that “much of the cryptocurrencies issued today will not survive.”
Former crypto-skeptic Carl Icahn, founder of Icahn Enterprises, told Bloomberg that he is ready to enter the cryptocurrency market in a big way, prompting an investment of around $ 1.5 billion.
Icahn is an investor and former adviser to the Trump administration who has a net worth of $ 15.6 billion according to Forbes. In 2018, Icahn told CNBC that crypto is “ridiculous” adding “maybe I’m too old for them, but I wouldn’t touch those things.”
But speaking on May 26, Icahn explained that he is now considering a great investment and that entering the market that way “would not be to buy some coins or something”:
“I mean, a great way for us would be a billion dollars, a billion and a half dollars… I’m not going to say exactly.”
Icahn joins a growing list of fellow billionaires who have changed their minds about cryptocurrencies in the past 12 months. When asked about the cryptocurrencies he was targeting, the billionaire kept his cards close to his chest and emphasized that:
“Much of the cryptocurrency issued today will not survive, but we believe that cryptocurrency in one form or another could be here to stay. To be clear, we have never bought any cryptocurrency, but we are studying it. “
Icahn believes that cryptocurrencies that at least do not serve as a store of value will be removed from the market as “there has to be some form of security of value there” to survive.
Icahn Enterprises is a $ 14.5 billion US conglomerate with investments in CVR, Pep Boys and Trump Entertainment Resorts.
Maybe @Carl_C_Icahn is the first #Bitcoin Terachad https://t.co/y8jjT0xTPh
– Michael Saylor (@michael_saylor) May 26, 2021
Ryan Adams, Ether proponent and founder of cryptocurrency investment firm Mythos Capital and Bankless, speculated on Twitter that Icahn’s recent kite flight in the media may indicate that it has already entered the market:
“If Carl Icahn has yet to buy 1 billion dollars worth of ETH and BTC, why would he announce that he is about to buy 1 billion dollars worth of ETH and BTC?”
The billionaire further expanded his views on cryptocurrencies to Bloomberg, saying that he now believes skepticism about the value of cryptocurrencies is a “bit wrong” as it questions the intrinsic value of the US dollar compared to crypto an reserve of value and a hedge against inflation.
Well, what is the value of a dollar? The only value of the dollar is really because you can use it to pay taxes. “
When Ichan was asked “what is your use case?” For cryptocurrencies, the 85-year-old spoke about the Ethereum network, noting that “with Ethereum it’s the underlying blockchain. So Ethereum has two things: you can use it as a payment system, you can use it as a store of value.
“Bitcoin to me is just a store of value,” he added.