Billionaire Steve Cohen: ‘I’m Doing a Deep Dive Into Crypto, I’m Fully Converted, I’m Not Missing This’

Billionaire Steve Cohen: ‘I’m Doing a Deep Dive Into Crypto, I’m Fully Converted, I’m Not Missing This’

Billionaire investor and CEO of Point 72 Asset Management, Steve Cohen, says he is taking a deep dive into cryptocurrency. Emphasizing that he is “fully converted,” the billionaire said, “I’m not going to miss this. I already feel like I missed the first part of it.”

Steve Cohen Gets Into Crypto, Says He Is ‘Fully Converted’

Steve Cohen is the chairman, CEO, and president of Point72, an asset management firm with approximately $22.1 billion in assets under management (AUM) as of April 1. The firm has 12 offices around the globe and more than 1,650 employees.

He shared his view on cryptocurrency in an interview last week, emphasizing that he has finally decided that he has got to get into the game. The billionaire CEO said:

I’m doing a deep dive into crypto. I’m fully converted.

Cohen added: “I have an old saying at the poker table, you got to pay to learn. There’s no way around it. You can talk all you want, but you’ve got to get in the game.”

He continued, “I’m hopeful that we will be able to start building something within Point72,” adding that “we are in the process of starting to think about that.” Regarding when to get into the crypto market, Cohen opined:

The timing is never good. Who knows. I don’t know if these things are going to go up.

However, the Point72 CEO is not keen on bitcoin. “Forget bitcoin,” he exclaimed. “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.”

Cohen further shared, “I feel like the way those markets are developing could be a real interesting adjacency to what we do at Point72,” stressing:

So, I’m not missing this. I’m not going to miss this. I already feel like I missed the first part of it, but I still feel like it’s early.

The billionaire noted that cryptocurrency is an example of something he wants to “look forward and take some risk.” He concluded: “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.”

What do you think about Steve Cohen’s comments on crypto and bitcoin? Let us know in the comments section below.