Billionaire Steve Cohen’s Point72 Asset Management is reportedly planning to make a major entrance into the $2 trillion cryptocurrency market, The Block reported on Thursday.
A source told The Block that Point72 plans to “get big in crypto” and is in the process of hiring people.
Steve Cohen, the “king of hedge funds” on Wall Street, said that he is studying cryptocurrencies in depth and emphasized that they have perfectly returned to cryptocurrencies. Although they have missed it in the early stages of development of cryptocurrencies, he now firmly says that he will never miss this again.
Steve Cohen is currently the president, chief operating officer and chairwoman of Point72. As of April this year, this asset management company has an AUM of US $22.1 billion, with 12 offices and more than 1,650 people around the world.
Prior to Steve Cohen’s “entry declaration”, asset management company Point72 wrote to shareholders in May this year that the cryptocurrency market with a quality of$ 2 trillion should not be ignored and plans to enter the market in a ” massive” manner. Furthermore, Millennium Asset Management, a challenger of Point72, has already deployed cryptocurrency-related futures and ETF business. Therefore, Point72′ s hedge fund department or private asset bureau will too join the cryptocurrency combat, with both long and short strategies.
Steve Cohen shared his views on cryptocurrency in an interview last week and emphasized that his final decision is that it is imperative to enter the cryptocurrency grocery. The billionaire said :
“I am studying cryptocurrency in depth. I totally surrendered.”
Steve Cohen added: “I have an age-old saying at the poker table that you have to spend money to learn. There is no other shortcut. You can speak freely, but you have to enter the game.” He continued.
I hope we can start building something in Point72, and we are starting to think about this.
Regarding the timing of opening the cryptocurrency marketplace, Steve Cohen trusts: “There is never a so-called good time. I don’t know if these things will rise again.” Although he is concerned about cryptocurrency, Steve Cohen is not keen on Bitcoin. Coin, he said bluntly :
“Forget about Bitcoin! I don’t care about Bitcoin. I am more concerned about information and communication technologies behind the blockchain, as well as its transformative and disruptive nature.”
Steve Cohen further shared, “I visualize the development of such groceries and our work at Point72 may be a very interesting fusion.” He emphasized :
“So, I will not miss this. I previously considered that I missed its early stages, but I still feel that it is too early.”
The billionaire points out here that cryptocurrency is one of the things he “anticipates and is willing to take risks.” He concluded: “I may seem stupid at first, but you adjust the dimensions of the the components accordingly, try to learn the rules of the game, and when you have enough confidence, take it to a new level.”
