Bitcoin Is Ridiculous – Billionaire Investor Carl Icahn

News | February 7, 2018 By:

Billionaire investor and former Donald Trump advisor Carl Icahn said that he has an unfavorable view of bitcoin and other cryptocurrencies, calling them “ridiculous.”

In an interview with CNBC Tuesday, Icahn said that he prefers to stay away from investments where he cannot understand why people are bidding the price up.

“I don’t like the cryptocurrencies, only because maybe I don’t understand them,” he said “How do you regulate them? Maybe I’m too old for them, but I wouldn’t touch that stuff.”

Late last year, Icahn said that he “just doesn’t get” the mania surrounding bitcoin. He compared the dramatic appreciation of the cryptocurrency to a famous land bubble in the 18th century.

“It’s sort of amazing to me,” Icahn said. “If you read history books about all these bubbles, like in Mississippi — where John Law went around selling all this land in Mississippi that was sort of worthless and the French were going crazy giving him all this money. And then one night it all blew up … to me, this is what this is.”

Business leaders and billionaires who have previously commented negatively on bitcoin also claimed that they don’t understand the technology.

Last month, billionaire investor Warren Buffett said he believes the recent craze over bitcoin and other cryptocurrencies won’t end well, and that his company would not take a short position on bitcoin futures.

“We don’t own any, we’re not short any, we’ll never have a position in them,” Buffett said. “I get into enough trouble with things I think I know something about. Why in the world should I take a long or short position in something I don’t know anything about.”