Activist investor Carl Icahn is keeping a watch on Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH) and could get jump on to the cryptocurrency bandwagon in a “big way.”
What Happened: The owner of investment firm Icahn Enterprises LP (NASDAQ:IEP), who hasn’t bought any cryptocurrency yet, told Bloomberg TV on Wednesday he may eventually put more than $1 billion into an alternative currency.
Icahn said he believes investors are looking at alternative currencies as parts of the equities market are being traded at “ridiculous prices.”
“Well, what’s the value of a dollar? The only value of the dollar is because you can use it to pay taxes,” Icahn told Bloomberg. “I’m looking at the whole business, and how I might get involved in it.”
The billionaire investor, with a net worth of over $16 billion, has developed his reputation as a “corporate raider” and counts stocks like Occidental Petroleum Corp (NYSE:OXY), CVR Energy Inc (NYSE:CVI) and Newell Brands Inc (NASDAQ:NWL) among his portfolio.
Why It Matters: Cryptocurrencies have been seeing mainstream limelight of late, especially following Tesla Inc. (NASDAQ:TSLA) and its CEO Elon Musk showing heightened interest.
Earlier this week, billionaire and one of the world’s richest hedge fund managers, Ray Dalio, disclosed that he holds “some Bitcoin” and prefers Bitcoin to government bonds.
Cryptocurrencies are gaining popularity as investors, both retail and institutional ones, increasingly look to diversify assets beyond the usual asset classes comprising equities, fixed income, property, and cash.
Price Action: Bitcoin was trading 1% lower at $38,349.76 at press time on Wednesday. Ethereum was down 0.30% at $2,741.