Carl Icahn says crypto is here to stay; Eyes a $1.5B investment in the sector

By: Jinia Shawdagor
Jinia Shawdagor
Jinia is a cryptocurrency and blockchain enthusiast based in Sweden. She loves everything positive, travelling, and extracting joy and… read more.
on May 27, 2021
  • Although Icahn has not yet purchased any cryptocurrencies, he is currently studying the space.
  • According to him, a crypto investment of up to £1.062 billion would be fine to start with.
  • In a 2018 interview, Icahn said that cryptos were ridiculous and that he wouldn’t invest in them.

US billionaire Carl Icahn, the chairman of Icahn Enterprises and the CEO of Icahn Capital, believes that cryptocurrencies are here to stay. He shared his bullish sentiments on the crypto space during an interview on May 16, noting that while Icahn Enterprises has not invested in cryptocurrencies, the conglomerate is studying the sector. Although he has a positive outlook on the crypto industry, Icahn noted that most of the cryptocurrencies available in the market today will not survive the test of time.

In the interview, Icahn said that he is not searching for specific coins to buy at the moment. Instead, he is looking at the whole crypto business and how to get involved with it. Once Icahn Enterprises dips its toes in the crypto sector, it would be in a relatively big way. When asked to clarify what a relatively big way means, he said that the company would not buy a few coins.

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He went on to say,

A big way for us would be $1 billion, $1.5 billion, something like that, that would be sort of a big way, I guess, for us.

However, the $1.5 billion (£1.062 billion) is not an exact figure of how much Icahn aims to put into the crypto market. According to him, Icahn Enterprises can decide to go bigger or smaller when the time comes.

A change of heart

While Icahn is planning to get into crypto, he hasn’t always been a crypto fan. Before this, he said during an interview in 2018 that Bitcoin (BTC) and other cryptocurrencies were ridiculous. At the time, Icahn said that he does not like cryptocurrencies and his loathing of the sector was probably because he doesn’t understand them. He added that maybe he is too old to get into the sector and that he wouldn’t touch them.

However, he is not the first billionaire that has had a change of heart about crypto over the years. Others include Mark Cuban, Michael Saylor, and Howard Marks.

This news comes as most coins in the top-10 list of leading cryptos by capitalization continue trading sideways with little or no movement. At the time of writing, BTC/USD is down 1.04% over the past 24 hours to change hands at $39,423.61 (£27,813.74). On the other hand, ETH/USD has lost 0.22% of its value over the last 24 hours to trade at $2,794.09 (£1,971.26).

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