American billionaire Carl Icahn, president of Icahn Enterprises and CEO of Icahn Capital, believes that cryptocurrencies are here to stay. He shared his bullish sentiments on the crypto space during an interview on May 16, noting that while Icahn Enterprises has not invested in cryptocurrencies, the conglomerate is studying the sector. Although he has a positive outlook on the cryptocurrency industry, Icahn noted that most of the cryptocurrencies available in the market today will not survive the test of time.
In the interview, Icahn said that he is not looking for specific coins to buy at this time. Instead, you are looking at the entire cryptocurrency business and how to get involved in it. Once Icahn Enterprises dives into the cryptocurrency sector, it will be in a relatively big way. When asked to clarify what a relatively large shape means, he said the company would not buy some coins.
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He continued saying,
A great path for us would be $ 1 billion, $ 1.5 billion, something like that, that would be a great path, I guess, for us.
However, the $ 1.5 billion (£ 1.062 billion) is not an exact figure for how much Icahn intends to put into the crypto market. According to him, Icahn Enterprises can decide to grow or shrink when the time comes.
A change of heart
While Icahn plans to get into crypto, he hasn’t always been a fan of crypto. Before this, he said during an interview in 2018 that Bitcoin (BTC) and other cryptocurrencies were ridiculous. At the time, Icahn said that he doesn’t like cryptocurrencies and his hatred for the sector is likely due to his not understanding them. He added that he may be too old to enter the sector and that he would not touch them.
However, he is not the first billionaire to change his mind about cryptocurrencies over the years. Others include Mark Cuban, Michael Saylor, and Howard Marks.
This news comes as most of the coins on the top 10 cryptocurrencies by capitalization list continue to trade sideways with little to no movement. As of this writing, BTC / USD is down 1.04% in the last 24 hours to change hands at $ 39,423.61 (€ 27,813.74). On the other hand, ETH / USD has lost 0.22% of its value in the last 24 hours to trade at $ 2,794.09 (£ 1,971.26).