Steve Cohen is now a fan of the crypto industry after previously doubting it

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While attending the SALT conference on Tuesday, billionaire fund manager and owner of the New York Mets, Steve Cohen, explained why he had taken a personal and financial interest in the cryptocurrency industry. Interestingly, this comes after rejecting space for years before.

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 several months meeting informed people and learning about the technology and its possibilities to the best of his ability.

Once I decided there were opportunities, and thought it might be a space like the internet – it could be incredibly transformational – I wasn’t going to miss this – Cohen noted during the discussion on generating alpha markets in baseball.

The billionaire has now invested in the industry on a personal basis. He invested his own money in Radkl, a quantitative trading company for digital assets, while his family office allocated $ 50 million to development firm Metaverse Recur.

Interestingly, Cohen’s interests lie in the cryptocurrency industry as a whole, rather than in any particular token. In fact, he rejects the very first one outright.

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

Steve Cohen. Source: NYTimes Billionaires See the Light of Crypto

Cohen isn’t the first high-earner to change his tone when it comes to 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 surpass $ 100,000 by the end of the year. He cites the limited supply of the asset as a reason to feel spoiled by Bitcoin.

Moreover, although he is still skeptical – even Peter Schiff also admits that Bitcoin could reach $ 100,000 by the end of the year and that he should have bought some when he had the chance in 2011. Yet unlike Cohen, his own crypto fanatic son, Spencer Schiff, was unable to convince him to follow through with his support.

Featured Image Courtesy NDTV

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