Carl Icahn Proclaims Bitcoin, Cryptocurrencies “Ridiculous”

Speaking about Bitcoin and the crypto market, billionaire investor Carl Icahn told CNBC that cryptocurrencies were “ridiculous” and he would never go near them.

US investor Carl Icahn told CNBC that Bitcoin and other cryptocurrencies were “ridiculous” and he would never get involved but did acknowledge he had no understanding of how this market works.

“Maybe I'm too old for them, but I wouldn't touch that stuff,” the billionaire said for CNBC program Fast Money Halftime Report.

“I don't like the cryptocurrencies only because, maybe I don't understand them. But, you know when you talk about the Blockchain, we need to talk about regulation again. How do you regulate them?”

The chairman of Icahn Enterprises said there were many scandals around cryptocurrencies in the past, suggesting it might not be safe to invest in them.

Despite his resolution to steer clear of this market, Icahn did not go as far as to call Bitcoin investors “stupid,” which JPMorgan chief Jamie Dimon did last year. Icahn said:

“But if you like it maybe you understand it better than I do.”

Currently, the crypto market is recovering from its sharp correction, with Bitcoin gaining over 7% in the last 24 hours to reach about $8,300. In the past few weeks, the market has lost more than half of its value because of fears about regulation in South Korea, India, and the Netherlands, among others. Besides, China wants to ban all crypto activity within its borders.

Icahn has voiced skepticism on Bitcoin and cryptocurrencies before. Late in November 2017, he told CNBC that Bitcoin “seems like a bubble.” He compared it to a Mississippi land bubble that formed in the 18th century.

At the time, Icahn also pointed out he did not understand the market.

“I got to tell you honestly, I don't understand it. I'm the last guy — I just don't get it. I just stay out of something if I don't understand it.”

Icahn is not the only billionaire to openly criticize Bitcoin. Earlier, Warren Buffett said the idea that Bitcoin has value is “just a joke.”