“The Timing is Never Good,” says Billionaire Steve Cohen as He Goes Full Crypto
Billionaire Steve Cohen has gone full crypto because he doesn't want to miss the boat.
In an interview with Jawad Mian, Founder of Stray Reflections, Cohen talked about being fully converted to Bitcoin and crypto.
“I'm fully converted to crypto. You have to pay to learn; there's no way around it. You can talk all you want, but you've got to get in the game.”
“The timing is never good…. I'm not going to miss this. I missed the first part, but I still feel like I'm early,” said the chairman and CEO of Point 72 Asset Management.
While he may look “foolish initially,” it’s all about learning the game, and “when you're confident, take it to the next level,” he added.
Cohen isn’t concerned about the price, which has recently crashed in a deep market-wide sell-off.
“Who knows if it's going to go up? I don't care about the bitcoin price. I care more about blockchain technology and how disruptive it could be. The way those markets are developing could be a real interesting adjacency to what we do.”
During his interview, Cohen shared further insights and on some of the biggest issues in trading; he named liquidity, too much leverage, and too much concentration.
Back in May, there were reports that the company Point72 is planning to make a major entrance into the crypto market. While planning to “get big in crypto,” the firm started hiring people for the same.