Point72 Crypto Asset Manager Affirms He Is “Incredibly Highly Convinced” Crypto Will Succeed
Have you ever heard of Travis Kling? He was a portfolio manager at A. Cohen’s Point72 Asset Management and he decided to get out of the old financial market in 2017 to enter the crypto world. He was very bullish on Bitcoin then and extremely optimistic about the future of cryptos in general. The bear market has hit hard since then, so is Kling still so confident? It looks like he is.
Kling was featured on a program called #CryptoWhatsNext, which was conceived by TD Ameritrade and ErisX. Oliver Renick, the anchor of the program, has recently spoken with Kling, which is now launching a new crypto hedge fund called Ikigai.
The program host asked the investor about the logistics part of Ikigai, which was launched back in October 2018 and how to deal with the current bad market for Bitcoin. Kling affirmed that he has two main strategies to make money. One of them is the acquisition of equity and tokens that are centered on tokens which are on the venture capital stage.
He affirmed that the other part of the strategy is to use a long-short multi-strategy. According to Kling, while Ikigai has short positions and has gotten profits from such bets, he is highly convinced that the cryptos will boom again.
Because of this, there is the long strategy which is focused on waiting for the growth of the assets again, as Travis Kling believes that a bull run might be just around the corner. He is also cautiously optimistic about the short-term prospects of the crypto market, too. He believes that there is some short-term profit to be had with BTC.
He also affirmed that Bitcoin will not become the new Alta Vista (a search engine that was successful and ended up buried by Google) and that the crypto space is yet to give people their Google, Facebook, Uber or Amazon just yet.
Bitcoin Has To Evolve
Being a Bitcoin bull, Travis Kling believes that Bitcoin still has ways to go and that it still has a lot of space to evolve from here. According to him, BTC has only 10% of the market cap that gold has, so it has all the potential to grow as much as gold, at least and it can really become digital gold, an opinion that is not so popular these days.
The main argument presented by Kling for why Bitcoin has such a large room to grow in is mostly because the asset is still very new and has not had the time to develop. In most of its 10 years of existence, Bitcoin was far away from the financial market and only a handful of users held it.
With so many people pouring money and human resources in this industry, he believes that there is no way that cryptos will end and that adoption will eventually come in time.
In his vision, Bitcoin will not take over the world in only 18 months, so the industry does need some time. Do you agree with him or do you think that his view of Bitcoin is simply too positive?