While attending Tuesday’s SALT conference, billionaire fund manager and owner of the New York Mets, Steve Cohen, explained why he had taken a personal and financial interest in the cryptocurrency industry. Interestingly, this comes after rejecting space for years before.
Cohen: from skeptic to supporter
As reported by Bloomberg, Cohen says it was his “cryptomaniac” son who convinced him to investigate the industry further. He has since spent several months meeting informed people and learning about the technology and its possibilities to the best of his ability.
“Once I decided that there were opportunities, and I thought it could be a space like the Internet – it could be incredibly transformational – I wasn’t going to miss this” – noted Cohen during the discussion “Generating Alpha Markets in Baseball”.
The billionaire has now invested in the industry on a personal basis. He invested his own money in Radkl – a quantitative trading company for digital assets – while his family office allocated $ 50 million to development firm Metaverse Recur.
Interestingly, Cohen’s interests lie in the cryptocurrency industry as a whole, rather than in any particular token. In fact, he rejects the very first one outright.
“I don’t care about Bitcoin,” he said in an interview last week. “I care more about the technology behind blockchain and its transformational and disruptive nature. “
Steve Cohen. Source : NYTimes
Billionaires see the light of crypto
Cohen isn’t the first high-earner to change his tone when it comes to digital assets. After telling people to “get out” of Bitcoin in 2018, Jordan Belfort – aka “The Wolf of Wall Street” – now predicts that Bitcoin could surpass $ 100,000 by the end of the year. He cites the limited supply of the asset as a reason to feel “spoiled for bitcoin”.
Furthermore – although he is still skeptical – even Peter Schiff also admits that Bitcoin could reach $ 100,000 by the end of the year and that he should have bought some when he had the chance in 2011. Yet unlike Cohen, Peter Spencer Schiff’s own crypto fanatic son failed to convince him to follow through with his support.
Featured Image Courtesy of NDTV
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