Billionaire Carl Icahn considers investing $1.5 billion in crypto
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Billionaire Carl Icahn considers investing $1.5 billion in crypto

Saudu Clement
Saudu Clement

Former crypto skeptic and the founder of Icahn Enterprises, Carl Icahn, is considering splashing $1.5 billion on crypto.

The billionaire told Bloomberg that he is ready to make an entry into the crypto market in a “big way.” However, on the flip side of his billion-dollar investment, Icahn noted that “much of the cryptocurrency issued today will not survive.”

According to Forbes, Icahn, who was a former advisor to the Trump administration, has a net worth of $15.6 billion. Back in 2018, he told CNBC that the crypto sector was “ridiculous” and “maybe I’m too old for them, but I wouldn’t touch that stuff.” It appears the billionaire is having a change of heart seeing the number of institutional investors the market has attracted. Speaking to Bloomberg on Wednesday, he said:

I mean, a big way for us would be a billion dollars, billion-and-a-half dollars ... I'm not going to say exactly.

When quizzed over the cryptocurrency he plans to invest in, Icahn kept the details hidden. Instead, he emphasized that:

Much of the cryptocurrency issued today will not survive, but we believe cryptocurrency in one form or another might be here to stay. To be clear, we have never bought any cryptocurrency, but we are studying it.

He is confident that a handful of cryptocurrencies that don’t serve as a store of value will disappear eventually as “there’s gotta be some form of safety of value there” for them to survive.