One-time cryptocurrency critic, American billionaire, and venture capitalist Carl Icahn is now considering an investment of almost $1.5 billion in digital currencies.
The investor said that he is looking at putting money into crypto in a “relatively big” way.
Icahn spoke on several subjects, including investor activism, on Wednesday in an interview with Bloomberg, including his position on GameStop shares and digital assets.
Icahn’s 180 on Crypto
Several months ago, billionaire activist Carl Icahn likened cryptocurrencies to the 18th century Mississippi land bubble that resulted in the collapse of financial markets in Europe. Now, however, he is interested in the growing possibilities of bitcoin.
Ongoing work by billionaires, including Mark Cuban, Michael Saylor, and Howard Marks, have shown that unfavorable views of cryptocurrencies can be overturned.
In an interview with Bloomberg TV, Icahn claimed that he had been researching Bitcoin, Ethereum, and the crypto industry as a whole in order to establish where the investment potential was. Other forms of alternative currency are on the rise as a reaction to rising inflation in the economy, he said.
Icahn said that the argument that cryptocurrencies lack any intrinsic value is “a little wrong-headed.”
According to Icahn, he thinks people are interested in other cryptocurrencies because stock exchanges seem to be making absurd profits. He took note of the names of both companies being labeled “meme stocks” as well as specific investment tactics.
Who is Carl Icahn?
Carl Icahn is an American business executive. His main role at Icahn Enterprises is the founder and controlling shareholder. Additionally, he is the CEO of Federal-Mogul, American manufacturing, design, and development company for car parts and engine components.
After benefitting from the aggressive acquisition and asset stripping of TWA in the 1980s, he gained a reputation as a “corporate raider.”
Forbes magazine estimates that by 2020, investor and hedge fund manager Carl Icahn’s net worth would be $16.7 billion, putting him at the 26th place on the Forbes 400 and the 5th place in hedge funds.
During 2017, Icahn worked as a special economic advisor to President Trump on financial regulation, and after concerns of a conflict of interest, he stepped down.