Crypto Baptism: Billionaire Steve Cohen Announces “Deep Dive Into Crypto”
American billionaire Steve Cohen, founder of Point72 Asset Management, announces he is all in and "fully converted" to get into the cryptocurrency.
When asked regarding will he get into the crypto market he responded, “I’m hopeful that we will be able to start building something within Point72,” adding that “we are in the process of starting to think about that.”
He further added “I’m fully converted to crypto. You have to pay to learn; there’s no way around it. You can talk all you want, but you’ve got to get in the game."
Cohen also shared, “I feel like the way those markets are developing could be a real interesting adjacency to what we do at Point72”. The billionaire described that market of cryptocurrency is a perfect model where he is willing to “look forward and take some risk.”
Currently, Point72 Asset Management is his asset management firm that has 12 offices worldwide with over 1,500 employees.
Despite the cumulative crypto market value striking $2.5 trillion back in May, he feels it's still not late. He said: I’m not missing this. I’m not going to miss this. I already feel like I missed the first part of it, but I still feel like it’s early. I may look foolish initially, but you size it accordingly, learn the game, and when you’re confident, then take it to the next level.”
Cohen has never been so optimistic about bitcoin and crypto earlier. Previously he mentioned that he doesn't care about bitcoin prices .“Forget bitcoin,” as no one knows its rise and fall, he added. However, he is centered on the unrestrained potential of blockchain technology.
“I don’t care about bitcoin. I care more about the technology behind the blockchain and how transformational it is and how disruptive it could be. The timing is never good. Who knows. I don’t know if these things are going to go up,” said Cohen.
Steve Cohen’s positive remarks about crypto are not inevitably unexpected. Last week, hedge fund legend Paul Tudor Jones said that he wanted to have five percent of his assets in Bitcoin.
Giants like Henry Kravis, Stanley Druckenmiller, strongly support the cryptocurrency market.
At the moment, it’s unsure how the giants of Wall Street decided to progress into blockchain and cryptocurrencies, but Steve's current comments suggest an influential play.
Cohen’s comments come at a time when Bitcoin has already corrected more than 50% from its all-time high of $64,000 in April 2021. Bitcoin (BTC) continues to trade under pressure. At press time, Bitcoin is down 9% currently trading at $32, 503 with a market cap of $609 billion.