Steve Cohen Throws Himself Into Crypto After Early Skepticism

(Bloomberg) — Hedge fund billionaire Steve Cohen was a bit skeptical of cryptocurrencies until recently.

Then his son – a “cryptomaniac” – helped change his mind.

“He really convinced me that this was something I needed to do,” Cohen, the founder of Point72 Asset Management and owner of the New York Mets, said at the Skybridge Alternatives Conference Tuesday, according to a person familiar with his comments. . That was part of a journey where he met as many people as possible over the past six months to educate himself about the possibilities.

“Once I decided there were opportunities, and I thought this could be a space like the Internet – it could be incredibly transformative – I wouldn’t miss this,” Cohen said in a discussion titled “Generating Alpha in Markets.” and Baseball” and moderated by Skybridge Capital founder Anthony Scaramucci.

Cohen, 65, who has a net worth of $11.1 billion according to the Bloomberg Billionaires Index, has since plunged into the world of crypto both in a personal capacity and with his company.

This week he announced his investment in Radkl, a quantitative trading company for digital assets. That was after Recur, a non-fungible token company, said Cohen’s family office had also invested in its latest round of funding. Cohen, meanwhile, told Scaramucci that Point72 is building crypto trading capabilities at the company.

‘Distant Ideas’

His interest in the virtual realm extends beyond crypto: Cohen expressed a fascination with the metaverse, or a vision of a virtual world in which people communicate with each other through avatars.

“There are some distant ideas out there about how people are going to spend their time,” he said. “Your mind can run wild,” he added, about how people interact with each other in the metaverse, possibly buying virtual real estate and virtual outfits for their avatars.

Cohen, a Mets fan since childhood who bought the team for about $2.5 billion in December, also spoke about the club’s achievements and why he loves owning it so much.

“It took me to another realm,” Cohen said. “If you own a hedge fund, you have some notoriety, but it’s nothing like owning a sports team in New York.”

It was a difficult year for the Mets, who lost their lead in the National League East by losing 19 of 28 games in August.

Read More: Cohen’s Mets Dream Continues To Erode With DUI Bust For Acting GM

In January, Cohen fired General Manager Jared Porter over sexual harassment allegations. Last month, acting general manager Zack Scott was arrested for drunk driving after leaving a charity fundraiser at Cohen’s home. He was placed on administrative leave after pleading not guilty.

The billionaire has weighed in on the world of social media, where he’s been more outspoken since taking over the Mets, saying it’s helped people see him as a human being, not just a wealthy hedge fund owner.

“Twitter is a tough place to be,” Cohen said. “But it’s a great way to interact with the fans and have your own voice.”

See Also: Steve Cohen Shuts Down Twitter Account After Receiving Threats

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