Carl Icahn Looking at Billion Dollar Crypto Investment

Reading Time: < 1 minute
  • Carl Icahn has said that he may invest in cryptocurrencies in a “big way”
  • The Icahn Enterprises founder told Bloomberg he now sees the value in intentionally scarce cryptocurrencies
  • Icahn’s investment could be around the $1 billion mark

Carl Icahn, whose conglomerate Icahn Enterprises has over $33 billion in assets under management, has said that he might get into cryptocurrencies in a “big way” after admitting that there “might be something to” the asset class. His comments are reminiscent of those of fellow billionaire Ray Dalio, who earlier this year changed his position on cryptocurrencies and this week said he owned “some” bitcoin.

Crypto Critics “Wrong headed”

Icahn was speaking to Bloomberg TV this week where he talked of the potential for inflation in the U.S. economy and the dangers posed by it, saying that he now understood the value proposition of intentionally scarce assets like Bitcoin. Icahn said that the arguments that all cryptocurrencies having no underlying value was “a little wrong-headed”, adding that the only reason the dollar has value is “because you can use it to pay taxes”.

Icahn didn’t divulge what cryptocurrencies he was looking to buy but did say that he was looking at “how to get into it” with a figure of a billion dollars mentioned as to his possible investment level,

Icahn Changes Mindset From “Worthless” Assessment in 2017

Icahn was one of the many who correctly identified that Bitcoin was a bubble in 2017, although at the time he labelled it worthless at the same time as admitting that “I don’t understand it.” Icahn’s shift in attitude has come about due to his belief that investors are looking at alternative currencies because equities market assets are being traded at “ridiculous prices” and that cryptocurrencies represent a cheaper alternative with better upside.