American businessman Carl Icahn has expressed interest in entering the cryptocurrency market on a significant scale, potentially investing over a billion dollars in an alternative currency. While Icahn has not yet purchased any cryptocurrency, he announced in an interview with Bloomberg Television that he is studying Bitcoin, Ethereum, and the cryptocurrency sector as a whole to identify available opportunities. He added that alternative currencies are gaining popularity as they are a natural manifestation of inflation in the economy.
Icahn considered it "somewhat wrong" to criticize the lack of fundamental value in cryptocurrencies, stating: "Well… what is the value of the dollar? The only value of the dollar is that you can use it to pay taxes… I am looking at the entire cryptocurrency market and studying how to enter it." Additionally, Icahn believes that people are turning to alternative currencies because some stocks are trading in the markets at "ridiculous" and illogical prices. He was not only referring to meme stocks but also to certain strategies employed by investment managers.
Icahn does not think that platforms like Reddit and Robinhood, as well as younger investors, are necessarily bad; rather, he believes they serve a certain purpose. He continued by saying: "Money is flowing back into companies. Some of these companies may be doing fine, but for a number of them, the risk-return ratio is illogical."
