BTC is a bubble, according to billionaires who don’t understand it.
Billionaire investor Carl Icahn has added his voice to the mix, saying that in his estimation, Bitcoin appears to be a bubble, not unlike the Mississippi land bubble of two centuries ago. He added, though, that he has no idea what Bitcoin is, and shies away from things he doesn’t understand.
The Wall Street investor, who made huge amounts of money often by investing in companies needing help, indicated that the cryptocurrency appeared to be a bubble to him. During the interview with CNBC, 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.”
Don’t get it
However, as with previous billionaires who have commented either positively or negatively on Bitcoin, ‘not getting it’ can often mean that they don’t understand the underlying technology. Icahn apparently is no different. Nevertheless, in the current economic climate, simply having money can often mean having a voice on issues like valuation, even where knowledge is lacking.
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Author: Jon Buck