Back in 2018 Carl Icahn said that crypto was “ridiculous”. Three decades later and he’s admitting that he can enter crypto “at a big way”. He has stated he may put around $1.5 billion into the asset category.
Icahn, billionaire creator of Icahn Enterprises, stated in a Bloomberg interview he is prepared to enter crypto in a big way after studying Bitcoin, Ether along with the crypto market as a whole.
He explained that there are opportunities in the cryptocurrency market given that alternative currencies can be seen as a more“natural manifestation of inflation in the market ”.
He becomes still another billionaire investor who has changed his mind on cryptocurrencies over the past several months.
He said back then he didn’t dislike cryptocurrencies simply because he didn’t know them, but because of regulatory concerns.
Now he has changed his tune completely, admitting the usual criticism of cryptocurrencies with no intrinsic significance was “a little wrong-headed”. He stated that the buck was the problem.
“Well, what’s the value of a buck? The only value of the buck is because you can use it to pay taxation,” he explained. “I am taking a look at the entire business, and how I might become involved with it. ”
He remarked that alternative currencies were being looked at given the ldquo;absurd rates ” this particular stocks in the equities market were being traded for. He referred to such as meme-stocks.
“I don’t believe Reddit and Robinhood and these guys are always bad, I believe they do serve a function,” Icahn said. “Cash is funnelling back in to businesses. A few of these businesses may be OK, however a number of them, the risk-reward is absurd. ”
On cryptocurrencies, Icahn believed not all them would survive and most would vanish if they didn’t possess a proper use case.
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