The amount of money flowing into cryptocurrency, resulting from its growing popularity, has seen market capitalization reach unprecedented heights of over $2 trillion. There now seems to be an influx of old money entering the cryptocurrency space with the recent declarations of Carl Icahn and Ray Dalio, who are serial American investors.
The seemingly newfound desire of these billionaires to wade into cryptocurrencies has resulted in some earlier anti-crypto sentiments being reneged, which surely signals a new, incoming wave of investment.
A Billion-Dollar Investment?
Billionaire investor Carl Icahn has hinted that he is eyeing a potential investment into cryptocurrency with great interest. He stated in an interview with Bloomberg that the value of his investment could go as high as “a billion dollars, billion-and-a-half.”
While he did not reveal the specific project he will be investing in, he did indicate that he is still studying the business as a whole and that he is “looking to see how he might become involved in the business.”
Previously, the serial investor was a staunch critic of Bitcoin and crypto, although his recent comments now see him join a growing list of former critics who have become converts to the cryptocurrency scene. Prior to his U-turn, Icahn had compared cryptocurrency to the Mississippi land bubble of the 18th century.
Similarly, Ray Dalio, the founder of Bridgewater Associates, which is the largest hedge fund in the world, has revealed that he owns Bitcoin. Though he coyly avoided disclosing the amount, the revelation certainly triggered excitement in the Cryptoverse.
The billionaire further stated that he would “rather have bitcoin than a bond.” Possessing a net worth of over $20 billion, Dalio’s momentous comments are certain to carry significant weight, and spark speculation throughout the Cryptoverse.
On the Flipside
Old Money, New Winnings
At this moment, the total market capitalization of cryptocurrency stands at $1.71 trillion, though previous levels were well above the $2 trillion mark. After suffering a major dip that sent the prices of assets tumbling downwards, the crypto ecosystem would thrive from the much-needed boost that an influx of old school money entering the market would provide.
According to Ray Dalio, the rising interest in cryptocurrencies over traditional means of investment may result in some form of government crackdown on the sector, as the state may feel threatened by the lack of control they possess over it.
Ray Dalio and Paul Icahn join the likes of Mark Cuban, Michael Saylor and Howard Marks, former cryptocurrency critics, who have recanted their position and adopted a positive stance.
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Source: Cryptocurrency - investing.com
