Cryptocurrency News

Former Cryptocurrency Cynic Billionaire is now Getting Ready to Invest Big Money in Ethereum

Carl Icahn, who has a net worth of $16.3 billion according to the Forbes listing of 2021, is known for being a person averse to the idea of cryptocurrencies. Until a few weeks ago, Icahn was not very interested in digital assets, and he even said that maybe he was too old to understand this new technology. Speaking with CNBC journalists, he told the media that due to the high risk and alien nature of DeFi he prefers to keep his distance.

He even went on the call the idea of crypto trading ridiculous. At one point during the interview, Icahn told the media that cryptocurrencies have a lot of similarities with the property ownership bubble from the 18th century. However, his big crypto conversion came to light only recently during an interview with Bloomberg last week. At present, Bitcoin and other major altcoins have recovered from the previous market crash that has been plaguing the market for a few weeks.

The Growing Interest of Major Financial Institutes and High Net worth Individuals might Rescue Crypto Market

Ever since Bitcoin went down 300% from its all-time high last month, the altcoin market has crashed many times. As the frequency of correction started to increase, the market was overtaken by fear and panic selling. For a while, considerable outflows contributed to driving down the prices of the entire crypto market. However, data analytics show that the increasing number of outflows overrode the inflows.

A closer look revealed that a lot of institutions and high-net-worth individuals were busy buying the dip. In the same vein, Icahn has shown an interest in investing somewhere between $1 billion to $1.5 billion in the crypto market. At the same time, Icahn has not specified that what cryptocurrencies he would be willing to use, but he has told media that he has started to stroll in the crypto aisle to find the best candidates for situating his money.

Icahn Thinks Bitcoin could be Left Behind in the Crypto Race

A few days ago, many crypto market analysts were sure that it would set off an altcoin season when Bitcoin would slow down. However, when the flagship cryptocurrency went down, it was visible that the entire crypto market crashed alongside it. Icahn, who has been keeping a close eye on the crypto market, said that that a lot of digital assets that are running at the frontier at present would be replaced by better candidates.

Another important point added by Icahn was that Ethereum showed more promise than Bitcoin. According to him, Bitcoin is only a store of value. On the contrary, Ethereum is not only a store of value but also a well-developed payment system. Icahn might be opting for putting his stakes in Ethereum, but at this point, it has not been made official.

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