1. Home
  2. News
  3. Cryptocurrency
  4. Billionaire Carl Icahn prepares $1.5 billion investment in crypto markets

Billionaire Carl Icahn prepares $1.5 billion investment in crypto markets

Photo of: Joseph Stone
by Joseph Stone

Former crypto-skeptic, billionaire Carl Icahn is now ready to jump into the cryptocurrency market up to $1.5 billion.

Conversions to cryptocurrencies can be sudden. In March, Norwegian billionaire Øystein Stray Spetalen posted his hostility to Bitcoin. Nine days later, his opinion on BTC was radically different.

Another skeptic is in the process of investing heavily in the crypto. This is the billionaire and entrepreneur Carl Icahn. The boss confides on Bloomberg preparing his entry into the crypto assets market.

And Carl Icahn does not intend to make a quiet debut. In fact, the big fortune plans to invest up to $1.5 billion. The investor has a fortune estimated by Forbes at nearly $16 billion.

Such an investment therefore represents a very significant stake. It is also a signal to the financial market and other investors. The crypto crack of the last weeks has indeed cooled the ardor of many of them.

Carl Icahn does not seem worried though. Yet, in 2018 on CNBC, the billionaire called crypto “ridiculous”, deeming himself “perhaps too old” to invest in such assets. He has obviously undergone a rejuvenation.

For Icahn, it’s not a matter of acquiring “a few coins” and playing around. The investor is thinking big. How big? A “big way for us would be a billion dollars, a billion and a half dollars …. I’m not going to say exactly,” he eludes, however.

But in which cryptocurrencies will this fortune go? Experienced, the investor does not reveal his game. He also wants to be lucid about the risks inherent in the crypto market and the uncertain future of tokens.

“A lot of the cryptocurrencies issued today will not survive, but we believe that cryptocurrencies, in one form or another, might be here to stay. To be clear, we’ve never bought cryptocurrencies, but we’re looking at them,” says Carl Icahn.

If he does not specify the identity of the tokens likely to interest him, the billionaire nevertheless has characteristics in mind. He believes that crypto-assets that do not constitute a store of value will disappear. Bitcoin, which he describes as a store of value like Ether, does.

For observers, like Ryan Adams of Mythos Capital, Carl Icahn may in truth have already invested in the crypto market, despite his statements. “If Carl Icahn hasn’t already bought $1 billion worth of ETH and BTC, why would he announce that he’s about to buy $1 billion worth of ETH and BTC,” he speculates on Twitter.