Wall Street expert plans to invest heavily in crypto
Famous Wall Street trader Carl Icahn has expressed his intention to invest in cryptocurrencies.
American businessman Carl Icahn has changed his mind about cryptocurrencies and is looking to get into the business. The billionaire also revealed his preference for Ethereum over Bitcoin yesterday during an interview on Wednesday with Bloomberg.
Icahn hinted at a potentially huge investment of up to $ 1.5 billion in cryptocurrency.
He joins other heavyweights like Ray Dalio, Stanley Druckenmiller, Paul Tudor Jones, who have recently been drawn to the sector. Icahn described the development and growth of cryptocurrencies as a “ natural manifestation ” of today’s economy. Several investors began to turn their backs on the dollar as they sought better stores of value.
Icahn expressed concern about the current status of the dollar, explaining that it was apparently on the verge of depreciating and could end up losing its hegemony status as a reserve currency. Icahn was keen to admit that he did not consider himself an expert in the crypto industry.
The founder of Icahn Enterprises has confirmed that he has not invested in the cryptocurrency industry but is keen to explore it. He challenged critics of the cryptocurrency by saying the assets were as valuable as the US dollar.
The billionaire cited a case where the US dollar slightly outperformed cryptocurrencies, i.e. taxes, as the value of the former lies in paying taxes. Asked about his take on Bitcoin and Ether, he threw his weight behind the latter, citing more use cases. He argued that the two were distinct. Bitcoin, in his view, is only practical as a store of value, while Ether can be used as a store of value and as an element of payment.
When asked if he is considering getting into either cryptocurrency, he replied that he is looking to do so in a big way.
“I look at the whole business. I’m not necessarily looking for what to buy right now. I’m just looking at the whole business and how I might get involved with Icahn Enterprises in a relatively big way because I think it’s here to stay in one form or another.
He claimed that “ relatively importantly ” he didn’t mean to enter the market and trade cryptocurrencies. When asked how much he projected his business would inject into the business, he replied, “… a billion dollars, a billion and a half dollars, something like that […] But sometimes we go bigger than that, sometimes a lot smaller, so I won’t say exactly. “