The businessman expresses that for now he does not have any type of strong opinion about digital assets such as cryptocurrencies.
The American billionaire Steve Cohen is one of the most recent additions to the select group of giants who have investments in Bitcoin. Although he recognizes that his possessions in the currency are small, the fact of placing capital in it shows that the currency continues in its process of maturity.
In other times, the fact that large investors owned parts of their capital in BTC was absolutely unthinkable. However, that reality is changing rapidly, especially since the approval of a dozen spot ETFs for the currency on the stock market.
The institutionalization of the largest cryptocurrency softened the opinion that many of the big guys on Wall Street had of it. In that sense, their capital, although in a very timid way, is already flowing into the virtual currency market. Such is the case of Cohen, who is on Forbes’ list of the 100 biggest millionaires in the world.
Cohen has an accumulated wealth of 19.8 billion dollars and is part of an exclusive sector of wealthy tycoons. For years, the millionaire has been dedicated to the world of hedge funds. Additionally, Cohen is the owner of the Baseball franchise, the New York Mets. In simple words, he is part of that group that until recently had the worst opinions about cryptocurrencies.
Why Does Cohen Have Investments in Bitcoin?
During a recent interview on CNBC, Cohen admitted that he has investments in Bitcoin thanks to his son encouraging him to do so. Although he states that it is a very small amount, he says that he cannot determine how much it is. Instead, he emphasizes that it is precisely his son who has knowledge of the subject.
“My son really likes Bitcoin and he made me play and try to figure out how to make transactions on Coinbase,” he said during the interview.
However, he is now part of a growing group of wealthy people who want to understand Bitcoin. He acknowledges that he is not aware of everything and that he only understands that many people firmly believe in BTC. “Maybe it’s the new gold,” he exclaims. He adds that it is a new instrument and that is the argument, “it is really difficult to know,” he emphasizes.
It is not the first time that Cohen has made a comment about Bitcoin, since last year he referred to the currency and its underlying technology, the blockchain. However, his venture capital company, Point72 Ventures placed capital in several crypto firms such as Messari and Zero Hash.
Besides this, on the personal level of his fortune, it is the first time that he acknowledges having investments in Bitcoin.
In 2021, Cohen said that he would not, at least at that time, invest directly in cryptocurrencies, as he was focused on the great potential of the technology and what can be achieved with it.
However, he pointed out that he “[cares] more about the technology behind blockchain and how disruptive it could be.”
According to Foresight News from August 2022, experts revealed that Cohen, a billionaire hedge fund manager, is preparing to establish an investment company focused on the cryptocurrency sector. This move indicates Cohen’s growing interest in the digital currency market and his willingness to invest in this emerging field.
By Audy Castaneda
