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Billionaire Carl Icahn Considering Getting Involved With Crypto in ‘A Big Way’

Billionaire Carl Icahn Considering Getting Involved With Crypto in ‘A Big Way’


Recently, billionaire activist investor Carl Icahn, the Chairman of American conglomerate Icahn Enterprises, shared his latest thoughts on the state of the markets, inflation, and potential use of Bitcoin and Ethereum as a hedge against higher inflation.

Icahn’s comments during an interview on May 26 with Caroline Hyde on Bloomberg TV’s “Bloomberg Markets: The Close“.

Here are a few highlights:

  • I really think we’re pumping a lot of money into this money 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, I think.
  • If you look at a lot of these investments today… I’m not saying they’re all bad… While I don’t own cryptocurrency, I think there could be something to it.
  • I think we’re getting to a certain excesses here [i.e. in the stock market]… On a value basis, a lot of these countries are ridiculously priced… and so eventually you just can’t have this without excess inflation, and so there’s going to be a price to pay.
  • A currency like this cryptocurrency, well you look at it and say ‘it really has no value’… That’s what the critics say — and I don’t own any at this point — but if you’re looking for something where you might have another store of value, the criticism is a little bit, shall I say wrong-headed when you say ‘well, what’s the value of a cryptocurrency’. Well, what’s the value of the dollar? The only value of the dollar really is because you can use it to pay taxes.
  • With Ethereum, it’s the underlying blockchain… Ethereum has two things. You can use it as a payment system, or you can use it as a store value.
  • Bitcoin is different. I mean, to me, it is just a store of value.
  • I am looking at the whole business and how I might get involved in it with Icahn Enterprises and in a relatively big way because I do think it’s here to stay in one form or another.
  • Big way for us would not be to buy a few coins or something… You know, I’m not going to buy a few coins. as it. I don’t believe in trading the market if I can help it.
  • A big way for us would be a billion dollars, a billion and a half dollars, something like that, but that would be a sort of a big way I guess for us, but sometimes we go bigger than that, sometimes a lot smaller. I’m not going to say exactly, but a lot of these others things, though, I think they are overvalued.

Icahn’s latest comments reflect a very different stance than on 6 February 2018, when he called cryptocurrencies “ridiculous” during an interview with CNBC:




I don’t like the cryptocurrencies only because, maybe I don’t understand them… How do you regulate them?… Hey, maybe I’m too old for them, but I sure wouldn’t touch that stuff.

DISCLAIMER

The views and opinions expressed by the author, or any people mentioned in this article, are for informational purposes only, and they do not constitute financial, investment, or other advice. Investing in or trading cryptoassets comes with a risk of financial loss.

IMAGE CREDIT

Photo by “WorldSpectrum” via Pixabay



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