American businessman and investor, founder of Icahn Enterprises, Carl Icahn, plans to enter the cryptocurrency industry “in a big way”, with an investment of more than $1.000 billion in crypto assets such as Bitcoin and Ethereum.
Previously known as a Bitcoin detractor, Carl Icahn, an American billionaire businessman, recently stated that he now wants to enter the world of cryptocurrencies and digital assets, which are offering a bold solution and response to the current economic crisis.
Icahn, investment expert, founder and majority shareholder of Icahn Enterprises, one of the world's largest investment conglomerates, said during a interview Bloomberg, who is planning to enter the world of cryptocurrencies “in a big way” through his company.
The investment expert now thinks crypto assets can help protect his wealth, valued at more than $15.600 billion, according to Forbes magazine. Icahn is considering investing a significant portion of his wealth in cryptocurrencies. cryptocurrencies, , the Bitcoin (BTC) y Ethereum (ETH), the largest cryptoassets in the industry, dominating more than 65% of the market capitalization.
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From “ridiculous” to “here to stay”
As Kevin O'Leary, Carl Icahn is moving from criticizing cryptocurrencies to studying them as a possible investment and as assets for future store of value. Icahn clarified that to date he does not have any cryptocurrencies in his portfolio but that he is studying them and considering investing.
In 2018, Icahn assured that cryptocurrencies were “ridiculous” and that he “wouldn’t touch that stuff.” At the time, the billionaire made it clear that he was not fond of bitcoin or any other cryptocurrency, and even argued that he was “too old” to understand them. However, his perception towards crypto assets has changed in the last 3 years, as he is now planning to invest in cryptocurrencies in a big way, with around $1.000 billion to $1.500 billion worth of digital assets.
“A big way for us would be a billion dollars, a billion and a half dollars… I'm not going to say exactly.”
According to his statements to Bloomberg, his interest is mainly focused on cryptocurrencies such as bitcoin and ether, which offer effective solutions as a store and exchange of value.
Icahn said that many of the cryptocurrencies that exist today will not survive over time, but that established projects such as bitcoin and ether “are here to stay.” The billionaire businessman recognizes the boom and the massive adoption and demand that exists for cryptocurrencies as alternative assets for protection against inflation, and also questions the value of the fiat money, like the US dollar, ensuring that it is only useful for paying taxes.
“What is the value of a dollar? The only value of a dollar is that it can be used to pay taxes.”
US plans $6 trillion in public spending
Despite the recent drop in value in the crypto markets, which led to Bitcoin trading below the $40.000 Each time, more investors, funds, billionaires and even governments are betting on cryptocurrency as a safe haven.
The Biden administration announced a new plan that calls for $6 trillion in public spending for next year. According to the report The New York Times, this spending exceeds that seen during World War II, and is estimated to continue growing and reach $8,3 trillion by 2031. Although the NYT details that the government has not made an official announcement about this budget proposal, if it is approved the value of the dollar will continue to depreciate, as it has done in the last 4 years.
The new economic scenario posed by Joe Biden's proposal could cause a new positive and bullish effect for Bitcoin, which has been adopted by millions of people as an alternative store of value to the dollar and gold.
More people open to participating in bitcoin
In addition to Carl Icahn, recently the billionaire Ray Dalio said he was interested in cryptocurrencies. The investment management fund BlackRock The bank also said it is looking into incorporating bitcoin and other cryptocurrencies into its investment portfolios. Its president, Larry Fink, said cryptocurrencies can play a very important role as investment instruments within global markets.
For its part, Bill Miller IV, son of famous American investor and fund manager Bill Miller, said that not owning a fraction of bitcoins is a mistake, as the cryptocurrency has been the best-performing asset for 8 of the last 10 years. Also, Michael saylor, CEO of MicroStrategy, considers that the popular cryptocurrency is “a bank in cyberspace,” which is managed by incorruptible software and is capable of offering a global, affordable, simple and secure savings account for billions of people around the world.
Even Francis Suárez, mayor of Miami, manifested who invested part of his personal capital into Bitcoin following the passage of the latest US stimulus package, worth $1,9 trillion in March.
Continue reading: “Not owning Bitcoin has been a huge mistake,” Bill Miller IV defends Bitcoin from common criticism
