Billionaire investor Carl Icahn has jumped on the bandwagon of financial bigwigs saying bitcoin is in a bubble.
The business magnate and founder of Icahn Enterprises told CNBC that the cryptocurrency “seems like a bubble” and that he didn’t understand the hype around bitcoin.
Icahn stated:
“I got to tell you honestly, I don’t understand it … I just don’t get it. I just stay out of something if I don’t understand it.”
The investor further compared the bitcoin market to 18th-century Mississippi land bubble before it finally collapsed. “To me, this is what this is,” he said.
His comments follow similar comments from investor Warren Buffett in October, describing bitcoin as a “real bubble.” Buffett said at the time, “People get excited from big price movements, and Wall Street accommodates,” while criticizing the idea of applying a value to bitcoin.
Additionally, Credit Suisse CEO Tidjane Thiam stated last month that bitcoin is “the very definition of a bubble,” calling the anonymity of the cryptocurrency a “challenge.”
Bubble image via Shutterstock