As a long-term crypto investor with a significant amount of experience in the industry, I find Cohen’s recent shift in focus towards AI and away from cryptocurrencies intriguing, if not somewhat disheartening. While I respect his entrepreneurial acumen and his ability to adapt to emerging market opportunities, I cannot help but feel that he may be missing out on some of the potential upside in the crypto space.
Based on a recent Forbes article, Point72 Ventures, which was founded by billionaire Steven Cohen, is shifting its investment strategy away from fintech and cryptocurrencies towards artificial intelligence.
As a financial analyst, I’ve come across reports suggesting that certain individuals from the fintech and crypto investment sectors have recently lost their jobs based on information provided by unidentified sources.
Apart from AI, Cohen’s VC firm has also prioritized defense industry startups.
Point72 shares with Forbes that they continuously adjust their approach, capitalizing on new prospects in emerging markets.
According to U.Today’s report, Cohen, whose wealth is approximated at $19.8 billion, disclosed in a CNBC interview that he owned a modest amount of Bitcoin. He admitted to having explored the largest cryptocurrency due to his son’s guidance on executing transactions through a crypto exchange.
In the previous interview, the billionaire expressed intrigue towards Bitcoin yet shared that he hadn’t formed a definite viewpoint regarding it.
Simultaneously, Cohen displayed optimism regarding AI, drawing a parallel between the present excitement and the Internet boom in the 1990s, which ultimately gave rise to several successful businesses we know today.
In the year 2021, the head of Point72 Asset Management expressed his strong belief in cryptocurrencies, stating that he had completely adopted this new asset class and acknowledging that he had yet to reach the full extent of his investment in it.
Now, it seems like the billionaire has soured on cryptocurrencies due to the recent focus on AI.
Another major player in the fintech industry, such as Ant Group from China, chose to abandon the cryptocurrency market last year and instead focus on artificial intelligence investments.
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2024-06-27 20:51