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Billionaire and founder of Icahn Enterprises Carl Icahn hinted that he may enter into crypto in a big way. While the former crypto skeptic believes that crypto might be here to stay but most cryptocurrencies in the market today will not likely survive.
Carl Icahn is known for being a crypto skeptic in the past. Back in 2018, he said that crypto is “ridiculous” and that he “maybe I’m too old for them, but I wouldn’t touch that stuff,” according to Cointelegraph.
But times have changed and the billionaire is now contemplating investing in the crypto market. While Icahn remained coy and did not reveal the exact amount, he hinted that it could somewhere around $1.5 billion.
“I mean, a big way for us would be a billion dollars, billion-and-a-half dollars ... I'm not going to say exactly,” Icahn told Bloomberg on May 26 in an interview.
He also believes that crypto is here to stay in one form or another. However, he also added that most digital currencies today won’t likely last as those that don’t at least serve as a store of value will eventually be flushed out.
“Much of the cryptocurrency issued today will not survive, but we believe cryptocurrency in one form or another might be here to stay,” Icahn opined. “To be clear, we have never bought any cryptocurrency, but we are studying it.”
Some publicly listed companies such as MicroStrategy and Square started buying Bitcoin as early as last year as store of value and hedge against inflation. While BTC is the crypto of choice among institutional investors, Goldman Sachs recently released a report claiming that Ether (ETH) could overtake BTC and become the top store of value crypto.
“Given the importance of real uses in determining store of value, ether has a high chance of overtaking bitcoin as the dominant digital store of value,” Goldman Sachs said in a note. ““As cryptocurrency use in DeFi and NFTs becomes more widespread, ether will build its own first-mover advantage in applied technology.”
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