The billionaire fund manager believes cryptocurrencies could be a transformational space “like the internet.”
While attending Tuesday’s SALT conference, billionaire fund manager and New York Mets owner Steve Cohen discussed why he had taken a personal and financial interest in the cryptocurrency industry. Interestingly, this comes after dismissing the space for years previously.
Cohen: From Skeptic to Supporter
As reported by Bloomberg, Cohen says it was his “crypto maniac” son who convinced him to investigate the industry further. He has since spent a number of months meeting informed people and learning about the technology and its possibilities as best as he could.
“Once I decided there were opportunities, and I thought this could be a space like the internet — it could be incredibly transformational – I wasn’t going to miss this”- Cohen noted at the ‘Generating Alpha Markets in Baseball’ discussion.
The billionaire has now invested in the industry in a personal capacity. He has put his own money towards Radkl – a quantitative trading firm for digital assets – while his family office has allocated $50 million towards Metaverse development company Recur.
Interestingly, Cohen’s interests are in the cryptocurrency industry as a whole, rather than any particular token. In fact, he outright dismisses the very first one.
Billionaires Seeing the Light of Crypto
Cohen isn’t the first big-money player to change his tune regarding 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 top $100k by the end of the year. He cites the asset’s finite supply as a reason to feel “spoiled by Bitcoin.”