Billionair Carl Icahn looking to enter crypto “in a big way”, teasing a .5 billion allocation
Carl Icahn, the founder of Icahn Enterprises, told Bloomberg he is about to enter the crypto market in a “big way”, thereby teasing an investment of around $1.5 billion.
With a net worth of $15.6 billion according to Forbes, Icahn served as an advisor to Donald Trump’s administration.
Icahn’s tease is a radical change of heart. It was just just a few years back in 2018 when he told CNBC that crypto is “ridiculous” and said “I wouldn’t touch that stuff.”
However, on May 26, the 85 year old billionaire said he is on the verge of making a large investment and that entering the crypto market would “not be to buy a few coins or something”:
“I mean, a big way for us would be a billion dollars, billion-and-a-half dollars … I’m not going to say exactly.”
When asked about what cryptocurrencies he has his eyes on, the billionaire said:
“Much of the cryptocurrency issued today will not survive, but we believe cryptocurrency in one form or another might be here to stay. To be clear, we have never bought any cryptocurrency, but we are studying it.”
He added that cryptocurrencies should at least serve as a store of value and that those who do not will have a short life. “There’s gotta be some form of safety of value there,” Icahn said.
Icahn further said that he thinks the skepticism over the value of crypto is a “little wrong-headed.” He questioned the intrinsic value of the U.S. dollar when compared to crypto:
“Well, what’s the value of a dollar? The only value of the dollar really, is because you can use it to pay taxes.”
Ethereum vs. Bitcoin
Interestingly, answering to the question “What is your use case?” Icahn seemed to prefer the Ethereum network. He noted 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, he believes “is just a store of value.”
While some wonder if Icahn has not already bought the “dip”, Anthony Pompliano, founder of Morgan Creek Digital Assets, told his Twitter audience that it was inevitable that another large investor would fall for cryptocurrency:
BREAKING: Carl Icahn is saying he wants to get into crypto in a big way.
Eventually everyone capitulates.
— Pomp
(@APompliano) May 26, 2021
https://platform.twitter.com/widgets.js
Icahn Enterprises is an American conglomerate headquartered at Milton Tower in Sunny Isles Beach, Florida. Icahn himself holds 95% of the $14.5 billion company. The company has investments in various industries including energy, automotive, food packaging, metals, real estate and home fashion. Notable investments are in in CVR, Pep Boys, and Trump Entertainment Resorts.
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Source: igaming
