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Steve Cohen Now a Fan of the Crypto Industry After Previously Doubting it

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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.

“I don’t care about Bitcoin,” he said in an interview last week. “I care more about the technology behind the blockchain and how transformational it is and how disruptive it could be.”

SteveCohen. Source: NYTimes
SteveCohen. Source: NYTimes

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.”

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