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Another billionaire has expressed his support for cryptocurrency. Steven Cohen, the CEO, president, and chairman of Point 72 Asset Management says he is “fully converted” and is taking a deep dive into crypto.
“I’m not going to miss this,” the billionaire investor said in an interview, according to Bitcoin.com. “I already feel like I missed the first part of it, but I still feel like it’s early.”
Steve Cohen heads Point72, an asset management firm with around $22.1 billion in assets under management (AUM). The company has 12 offices worldwide and employs more than 1,650 workers.
“I’m doing a deep dive into crypto,” Cohen said in an interview last week. “I’m fully converted.”
For the billionaire investor, the only way to truly learn about crypto is to invest in it. “I have an old saying at the poker table, you got to pay to learn,” Cohen said. “There’s no way around it. You can talk all you want, but you’ve got to get in the game.”
“I’m hopeful that we will be able to start building something within Point72,” he said. He also added that the company is “in the process of starting to think about that.”
However, he admits that it's tricky how to time one’s entry into the crypto market. “The timing is never good,” Cohen said. “Who knows. I don’t know if these things are going to go up.”
The billionaire explained that he is not too keen on Bitcoin. “Forget Bitcoin,” Cohen said. “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.”
“I feel like the way those markets are developing could be a real interesting adjacency to what we do at Point72,” the billionaire shared.
While he acknowledged the risk associated with investing in crypto, it is also something he is looking forward to. “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 said.
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