June 24, 2021

Billionaire Carl Icahn Explores Crypto Investment of Up to $1.5 Billion

3 min read

Legendary American businessman Carl Icahn has obviously altered his position on cryptocurrencies. In an interview for Bloomberg Markets’, Icahn hinted at a possible investment of approximately $1.5 billion in the sector.

Thus, Carl Icahn shares the position of Stanley Druckenmiller, Paul Tudor Jones, and most recently Ray Dalio on this new property class. Icahn believes the rise of cryptocurrencies is a “& ldquo; natural symptom” & rdquo; of the current macro-economic outlook and its inflation.

With these economic scenarios, investors are trying to find new stores of value outside the United States dollar. Just like Dalio, Icahn fears that the dollar is heading towards depreciation and possibly, it might lose its status as reserve existing if the Federal Reserve “& ldquo; keeps printing the cash”&

rdquo;. Carl Icahn claimed he is “& ldquo; not an investor yet & rdquo; however disagrees with the critics of these assets and finds as much worth in a cryptocurrency as in the U.S. dollar. He said: “& ldquo; The only worth of the dollar truly is since you can use it to pay taxes”&

rdquo;. Carl Icahn: Bitcoin and Ethereum Are Here To Stay

When inquired about the specific use cases between Bitcoin, “& ldquo; frequently & rdquo; viewed as the store of value, and Ethereum, the ecosystem for decentralized applications, Carl Icahn seemed well notified.

The legendary financier was able to supply a special viewpoint, typically not spoken with somebody in conventional financial resources. He stated:

Ethereum is the underlying blockchain. So, Ethereum has 2 things you can utilize it as a payment system you can utilize the store of value. So, you require Ethereum, the blockchain, to guarantee you that you have something. You never ever had that before where you can purchase a cryptocurrency and you can say, “& ldquo; I’m safe & rdquo; since you have the blockchain makes it really safe for you. I’m oversimplifying.

Icahn believes that this is what provides cryptocurrencies, such as Bitcoin and Ethereum, with “& ldquo; terrific value & rdquo;. However, he added that the primary two cryptocurrencies are & ldquo; different & rdquo;. While Bitcoin is “& ldquo; simply a store of worth & rdquo;, Ethereum “is & ldquo; sort of a value-added company”&

rdquo;. Although he explained that calling it a company was not accurate. When asked if he was seeking to invest particularly in any of these 2 cryptocurrencies, he responded: “& ldquo; I’m looking at the entire business and how I might get associated with it in a relatively big way”&

rdquo;. Later, Carl Icahn stated that cryptocurrencies are here to remain and clarified that going into a company in a “& ldquo; Big method & rdquo; could result in an investment of $1 billion, $1.5 billion, or more. He seemed more bullish on Ethereum and, as a final idea, said that it is not likely that all cryptocurrencies will survive.

This has actually led numerous to hypothesize on the possibility that Icahn may currently be a crypto investor. Confidential expert MacroScope stated the following on this possibility:

Two things based upon years of enjoying Icahn:

You will hear more when he has a full position & hellip; a lot more (and very loudly), which position will undoubtedly be a full one. Don’t ignore the effect this has on legacy PMs/traders esp in NYC, where Icahn is worshipped.

Ethereum trades at $2,799 with 11.8% profit in the weekly chart and a 4.8% revenue in the day-to-day chart. The monthly chart has a 10.6% earnings and appears to have adequate conviction to attempt a push towards the $3,000 mark. A successful advance towards this location might figure out the fate of ETH’s cost action in the short-term.

Carl Icahn Ethereum Bitcoin ETH ETHUSD
ETH approaching the resistance zone at $ 3,000. Source: ETHUSD Tradingview