While attending the SALT conference on Tuesday, billionaire fund manager and New York Mets owner Steve Cohen discussed why he had a personal and financial interest in the cryptocurrency industry. Interestingly, this comes after the room has been sacked for years.
Cohen: From skeptic to supporter
As reported by Bloomberg, Cohen said it was his “crypto maniac” son who convinced him to investigate the industry further. Since then, he has spent several months meeting informed people and doing the best he can about the technology and its possibilities.
“When I decided there were opportunities and I thought this could be a space like the internet – it could be incredibly transformative – I wouldn’t miss that,” remarked Cohen during the Generating Alpha Markets in Baseball discussion.
The billionaire has now personally invested in the industry. He’s invested his own money in Radkl – a quantitative digital assets trading company – while his family office has donated $ 50 million to Metaverse development company Recur.
Interestingly, Cohen’s interests lie in the cryptocurrency industry as a whole, rather than in any particular token. In fact, he directly dismisses the very first.
“I’m not interested in Bitcoin,” he said in an interview last week. “I’m interested in the technology behind the blockchain and how transformative it is and how disruptive it could be.”
Steve Cohen. Source: NYTimes
Billionaires Seeing the Light of Crypto
Cohen isn’t the first big money player to change their mindset about digital assets. After Jordan Belfort – aka “The Wolf of Wall Street” – told people to “get out” of Bitcoin in 2018, now predicts that Bitcoin could cross the $ 100,000 mark by the end of the year. He cites the finite supply of the asset as a reason to feel “spoiled by Bitcoin”.
On top of that – although he still remains a skeptic – even Peter Schiff admits that Bitcoin could hit $ 100,000 by the end of the year and he should have bought when he got the chance in 2011. Unlike Cohen, Peter’s own crypto-fanatic son, Spencer Schiff, was unable to convince him to accept his support until the end.
Selected image courtesy of NDTV
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