Carl Icahn, the CEO and founder of Icahn Enterprise has declared his intention im participating in the cryptocurrency market. The billionaire told Bloomberg that he’s moving into the market “in a big way”. He is believed to be making his entry into the crypto market with about $1.5 billion.
Icahn hasn’t always been optimistic about cryptocurrencies. As a matter of fact, he at one time told CNBC that the industry is “ridiculous” and mentioned he might be too old to venture into it. He is a former advisor to Donald Trump and according to Forbes, has a networth of over $15 billion.
The investors company, Icahn Enterprises, is a multi-billion dollar group with investments in various businesses including Trump Entertainment Reports, CVR, and Pep Boys. The CEO is optimistic about his proposed venture into the crypto market, a feat he considers as a huge move for his company.
Icahn Believes That not all Cryptocurrencies Will Survive
When Carl Icahn shared his opinion with Bloomberg, he stated that several cryptocurrencies that didn’t function as a good store for value won’t last. He mentioned safety as a way the values of cryptocurrencies are measured. The investor made it clear his earlier stand against cryptocurrencies was quite “wrong-headed” of him.
He stated a case of cryptocurrencies being a good store of value unlike the dollars that is only useful in tax payments. He pointed to Bitcoin as a good store for value and Ethereum as both a good store for value and a transactional system.
Ryan Adams, the founder of Mythos Capital and Bankless, has shared thoughts on Twitter about Ichan’s turnaround. He stated the possibility that Ichan has already entered the crypto market before announcing his intent. Adams believes that Ichan won’t have announced his intentions if he hasn’t joined in.
As at the moment, Ichan is another addition to the increasing number of crypto critics that seem to have seen some good in the industry.