Billionaire investor Carl Icahn, the founder of Icahn Enterprises, says that his company is exploring how to get involved in cryptocurrency “in a relatively big way,” which he said could be an investment of about $1.5 billion.
Carl Icahn Exploring Getting Into Cryptocurrency
Carl Icahn, the founder and controlling shareholder of Icahn Enterprises, a diversified conglomerate holding company based in New York City, revealed his cryptocurrency plan in an interview with Bloomberg on Wednesday. He said:
I’m looking at the whole business and how I can get involved in it with Icahn Enterprises in a relatively big way because, I think, it’s here to stay in one form or another.
Icahn is one of Wall Street’s most successful investors. In 1678, he formed Icahn & Co., a securities firm focusing on arbitrage and options trading. In 1978, he began taking substantial positions in individual companies, including RJR Nabisco, Texaco, Phillips Petroleum, Western Union, Gulf & Western, Viacom, Uniroyal, Dan River, Marvel, Revlon, Fairmont, Time Warner, Yahoo, Lions Gate, CIT, Motorola, Genzyme, Biogen, Chesapeake Energy, El Paso, Amylin Pharmaceuticals, Lawson Software, Medimmune, Dell, Netflix, Forest Laboratories, Apple, and Ebay.
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The billionaire investor was asked specifically what a “relatively big way” means for him and his company. He described:
A big way for us would be a billion dollars, a billion and a half dollars, something like that. That would be sort of a big way, I guess, for us. But sometimes we go bigger than that, sometimes a lot smaller. Im not going to say exactly.
Icahn further clarified: “To be clear, we have never bought any cryptocurrency, but we are studying it.”
The billionaire noted that many cryptocurrencies out there are overvalued in his view. He opined: “Much of the cryptocurrency issued today will not survive, but we believe cryptocurrency in one form or another might be here to stay.”
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