After calling cryptocurrency ‘ridiculous,’ investor Carl Icahn says he may invest $1 billion in it.

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After calling cryptocurrency ‘ridiculous,’ investor Carl Icahn says he may invest $1 billion in it.

Carl Icahn, a billionaire investor, is considering investing heavily in cryptocurrencies.

The 85-year-old billionaire had previously expressed his disapproval of Bitcoin as a whole, calling it “stupid” in 2018.

Icahn, though, stated that his position has changed in an interview with Bloomberg published Thursday morning.

Icahn explored the use of Bitcoin as a “store of value” as a natural response to inflation with Bloomberg hosts Taylor Riggs and Caroline Hyde.

Icahn said of cryptocurrency’s use case, “‘What is the value of a cryptocurrency?'” So, how much is a dollar worth? The only reason a dollar has value is because it can be used to pay taxes.”

When asked if he planned to invest in a specific cryptocurrency token, such as Bitcoin or Ethereum, Icahn responded, “I’m simply looking at the overall business and how I may be engaged in it through Icahn Enterprises in a relatively substantial way, because I do believe it’s here to stay in one form or another.”

He emphasized that a “pretty large” investment for Icahn Enterprises might be “a billion dollars, a billion and a half dollars, something like that,” but he wouldn’t disclose how much.

At the same time, the investor questioned other features of the cryptocurrency industry, claiming that not all tokens would last long. “I don’t believe there will be many survivors out there trading today,” he said. I believe there must be some type of value safety there.”

At the time of the interview, Icahn stated he didn’t have any cryptocurrency.

Icahn took a more critical position on the technology in 2018, expressing concerns about how digital currencies could be governed.

He told CNBC at the time they were “ridiculous” and added: “Maybe I’m too old for them, but I wouldn’t touch that stuff.”

Icahn is a well-known Wall Street figure and has been described as a shareholder activist—a person who uses their investment in a company as leverage to facilitate changes in how that company operates.

Cryptocurrency has made headlines this year owing to large gains made by many tokens such as Bitcoin and Dogecoin. However, Bitcoin was hit with a large dip. This is a brief summary.

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