Billionaire investor Carl Icahn told Bloomberg that he is looking for a way to get involved in the cryptocurrency space and could invest more than $ 1 billion in digital assets.
"I mean a big road for us would be a billion dollars, a billion and a half dollars," he said in an interview. "I'm not going to reveal the exact numbers."
Icahn was previously very skeptical of cryptocurrencies
Icahn has changed his tone on cryptocurrencies, after calling bitcoin and other similar assets "ridiculous" just three years ago. Telling CNBC in 2018 that he "would never touch that stuff," he said his dislike perhaps stemmed from not understanding them.
Icahn, who currently has a net worth of $ 22 billion, said he hasn't bought any cryptocurrency yet, but is trying to figure out what the opportunities are within the industry as a whole. He acknowledged that cryptocurrencies are gaining public acceptance as a result of rising inflation.
However, the activist investor also said that many cryptocurrencies in circulation right now may not survive for long. This is because there must be some form of security value associated with them. “I don't think there will be many good survivors out there trading today,” he said.
He is not the only one who has changed his mind
While questioning the intrinsic value of the dollar, he said that skepticism about the value of cryptocurrencies is "a little wrong" and the only reason the dollar is valuable is "because you can use it to pay taxes".
According to him, the market is currently in a state of excess due to a combination of factors such as an overflow of money in the economy, so-called meme stocks that have risen “at ridiculous prices” and some strategies presented by money managers.
“I don't think Reddit and Robinhood and those guys are necessarily bad, I think they serve a purpose,” he said. “Money is re-channeled into societies. Some of these companies may be fine, but for many of them the risk-reward is absurd.
Icahn isn't the only high-profile crypto skeptic to have changed his mind. Legendary investor Howard Marks said earlier this year that he is more open to bitcoin and that his son Andrew "thankfully" owns a significant amount for the family.
After his statements, crypto Twitter has gone crazy again and now there is a full-on bets for who will be next to change their mind? Many are hoping it will be the biggest investor of all time to do so, of course we are talking about Warren Buffett.
However, Mr. Buffett has repeatedly expressed his negative thinking about cryptocurrencies and has repeatedly reiterated that he has no intention of buy Bitcoins. Well, that's what everyone says before they change their minds. But will it ever happen? Posterity will judge.