Billionaire activist investor Carl Icahn backed cryptocurrencies for the long-term, adding that he might add up to $1.5 billion in the digital asset class.
«[A] natural manifestation of the tremendous amount of dollars flooding our economic system is that investors start to get concerned about the value of our currency and this concern will increase if higher inflation continues,» said Carl Icahn in an interview with «Bloomberg» on the rising interest in cryptocurrencies.
Icahn said he was studying Bitcoin, Ethereum and the broader crypto sector with the potential of entering in a «big way» by investing up to $1.5 billion into the emerging digital asset class.
«Much of the cryptocurrency issued today will not survive, but we believe cryptocurrency in one form or another might be here to stay,» he said. «To be clear, we have never bought any cryptocurrency, but we are studying it.»
Crypto Value
According to Icahn, criticism that cryptocurrency has no underlying value is a «little wrong-headed».
«Well, what’s the value of a dollar? The only value of the dollar is because you can use it to pay taxes,» he said. «I’m looking at the whole business, and how I might get involved in it.»
«Ridiculous prices» in equity markets have also fuelled demand for alternative currencies, Icahn added.
