Billion-Dollar Hedge Fund, Third Point, CEO Is Doing A “Deep Dive Into Crypto”
Daniel S. Loeb, the chief executive officer of the billion-dollar hedge fund, Third Point, is taking a special interest in cryptocurrencies which he shared with the world over Twitter Monday.
Loeb shared this detail in response to venture capital firm a16z partner Chris Dixon’s piece on NFTs. He said,
“I’ve been doing a deep dive into crypto lately. It is a real test of being intellectually open to new and controversial ideas. Culturally I compare bridging the crypto world with the old as akin to finding a portal between two distinct worlds in the multiverse.”
Given that the hedge fund manager is an avid art enthusiast, it makes sense that the NFTs have captured his interest. He also enjoyed Dixon’s “article as an art collector and investor.”
Talking about his latest interest in the cryptocurrency market, which recently surpassed $1.5 trillion in total market cap, he said it is important to understand it while keeping a healthy skepticism about it. Loeb said,
“Maintaining healthy skepticism while also deepening one’s understanding requires one to engage in what Steve Jobs (and Fitzgerald before him) described as requisite for a superior intellect: “to maintain two opposed ideas in one's mind and retain the ability to function.”
During his Twitter thread, Daniel Loeb also talked about that being late to the crypto party doesn’t mean that you would be suffering the losses. During the ongoing bull cycle, Bitcoin has hit a new peak at $58,300, and after last week’s losses, BTC is back to surging today, nearing $50k.
Since last year, Bitcoin and cryptocurrencies have gained mainstream recognition, with traditional investors and major companies jumping on the crypto bandwagon. The real estate investor and stock and bond analyst said,
“Another conflict to overcome is the idea that being late to the crypto party will inevitably lead to one taking the sucker seat at a high stakes poker table versus this still being early days in what is just now being adopted in the mainstream.”