Billionare investor Carl Icahn is "not an investor yet" when it comes to crypto - but it has his attention.
He is the founder and controlling shareholder of Icahn Enterprises, with $27.7 billion in assets. He is also credited with creating the "Activist Investor' investment strategy, which is now used by hedge funds around the world. The strategy is basically that when a hedge fund owns 10% or more of a company, they can use the threat of selling their stock to pressure a company to change policy they disagree with.
Not Looking To 'Dabble' In Crypto...
He's not talking about getting his feet wet, he's someone who dives in.
Icahn says he'd enter the market in "A big way for us, you know, a billion dollars, billion and a half dollars, something like that." refusing to be any more specific on the amount, he added "I'm not going to say exactly."
He Gets It..
Ichan says he disagrees with what he hears crypto's critics saying, saying he sees the value of some crypto assets clearer than the dollar, stating "The only value of the dollar really is because you can use it to pay taxes."
What Could He Buy?
He's done his homework, clearly, which makes me think his plan to invest isn't all talk.
Bitcoin, in his opinion, is only practical as a store of value, whereas Ether can be used as a store of value and as a payment item - so he prefers Ethereum.
He elaborated, saying, "Ethereum is the underlying blockchain. So, Ethereum has two things you can use as a payment system or you can use the store of value." So, you need Ethereum, the blockchain, to assure you that you have something. You never had that before where you can buy a cryptocurrency and you can say, 'I’m safe' because you have the blockchain makes it very safe for you. I’m oversimplifying. " While not quite as clear as his other statements, I think I get where he was trying to go. He's saying that whether it be a token that uses the Ethereum blockchain, or an NFT, the ledger is a trustworthy tool to give an accurate account of your assets on that blockchain.
A Flood of Institutional Money Incoming?
Icahn is among other heavyweights such as Ray Dalio, Stanley Druckenmiller, and Paul Tudor Jones, all of whom have expressed recent interest in expanding their investments into the crypto market.
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Author: Oliver Redding
Seattle Newsdesk /
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