Billionaire Investor Carl Icahn Looking to Invest in Crypto in ‘Big’ Way, Potentially $1.5 Billion Dollars
But his preference seems to be Ethereum over Bitcoin as while the latter is only a store of value, Ethereum is both a payment system and an SoV.
After Goldman Sachs favoring Ethereum over Bitcoin, billionaire investor Carl Icahn, CEO of Icahn Capital, shared his interest in the cryptocurrency.
“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,” said Icahn in an interview with Bloomberg.
“So Ethereum and Bitcoin are different. Bitcoin to me is just a store of value.”
While he said he doesn’t own any cryptocurrencies yet, his firm might get involved in a “relatively big way,” said Icahn, adding, “Crypto is here to stay in one form or another.”
When it comes to investment, though, he isn’t looking at Bitcoin or Ethereum; he’s looking at “the whole business.”
“I'm not looking at what to buy necessarily at this time, I'm just looking at the whole business and how I might get involved in it with Icahn Enterprises, in a relatively big way.”
As for what this “big way” means, Icahn said it would involve “a billion dollars, billion and-a-half dollars,” but he refused to say just how much exactly.
Idk for sure, but I'd bet pretty bigly Carl Icahn already bought (during the dip)
Smart money love to buy flash discounts during distressed markets.
— 🃏Fiskantes 1(Ω, Ω)7 (@Fiskantes) May 26, 2021
Icahn further shrugged the criticism of cryptocurrency having no underlying value because that’s a “little wrong-headed.”
“Well, what’s the value of a dollar? The only value of the dollar is because you can use it to pay taxes.”
Just this week, Ray Dalio of Bridgewater Associates revealed that he owns some Bitcoin because he would rather own BTC than bonds amidst the ongoing inflation.
“I think a natural manifestation of this inflation,” which “is not yet there – but you had it in the 70s, and what's gonna happen if you have that is, [people are] going to be looking for other stores of value outside the dollar. We are the reserve currency now, but if you keep printing money, it's not going to be there.”
Icahn also talked about inflation, saying it has created an excess in the market, and when the market crashes again, which it will one day, this is going to exacerbate the wealth gap.
Carl Icahn Icahn Capital CEO
“We're pumping a lot of money into this economy and obviously you're going to get inflation. You already have it. So you have to be able to deal with that inflation and you have to be able to put on the brakes. Otherwise, eventually, we're going to hit a wall. But I don't know if that time is here yet. I mean there is a lot of money around.”