Carl Icahn embraces cryptos in his latest phone interview where he said “cryptos are here to stay”.
Carl Icahn is the latest in a string of legendary investors from Ray Dalio, Paul Tutor Jones to Stanley Druckenmiller who now all take a bullish stance on the bellwether cryptos
What’s more, if there were any doubts still lingering whether the two trillion USD market capitalization cryptocurrencies is an integral part of the global financial system that has been laid to rest with the two giant Wall Street banks JP Morgan and Goldman now on board the crypto train.
“cryptos are here to stay”
What a difference a few years make.
“It’s a fraud”, “worse than tulip bulbs” said JP Morgan’s Dimon. “If any of my traders are caught trading Bitcoin, I would fire them in a second” he added back in late 2017.
Then little less than four years later JP Morgan goes from Bitcoin fraud to Bitcoin fund in a 180 U-turn and launches the JP Morgan Bitcoin fund on April 26, 2021.
JP Morgan is now hiring Ethereum blockchain developers with experience in writing smart contracts
Meanwhile, Goldman Sachs appears to be doubling down on Bitcoin as it launches its own cryptocurrencies trading desk.
Carl Icahn embraces cryptos along with a string of legendary investors and two of the major US investment banks
Put another way the jury is no longer out “cryptocurrencies are here to say” in Carl Icahn’s words.
A quote from Mahatma Gandhi comes to mind, “First they ignore you, then they laugh at you, then they fight you, then you win”.
Carl Icahn embraces cryptos but what is the billionaire investor’s reason for becoming a crypto bull Carl Icahn told Bloomberg Markets’ Taylor Riggs that while he doesn’t own any digital currencies, his firm might get involved in a “relatively big way” adding “Crypto is here to stay in one form or another”.
“Goldman Sachs appears to be doubling down on Bitcoin as it launches its own cryptocurrencies trading desk”
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Carl Icahn sees cryptocurrencies as a store of value, a hedge against inflation, and an underlying utility in the blockchain payment system
“With Ethereum it’s the underlying blockchain. So, Ethereum has two things – you can use it as a payment system, you can use it as a store of value” said Carl Icahn.
“So Ethereum and Bitcoin are different. Bitcoin to me is just a store of value” added Carl Icahn.
“I’m looking at the whole business. I’m not looking at what to buy necessarily at this time, I’m just looking at the whole business and how I might get involved in it with Icahn Enterprises, in a relatively big way. Cause I do think it’s here to stay in one form or another” said Carl Icahn.
“I mean, a big way for us would be a billion dollars, billion and-a-half dollars … I’m not going to say exactly” – Carl Icahn
When Carl Icahn embraces cryptos he is going to do it in a big way
“Well, a big way for us would not be to buy a few coins or something” replied Icahn, adding “I mean, a big way for us would be a billion dollars, billion and-a-half dollars … I’m not going to say exactly”.
Reading between the lines the rally cryptocurrencies could be just about to begin.
But “most cryptocurrencies are worthless” according to Fed’s Bullard so investors need to be very choosy and careful when investing in cryptocurrencies.