[2018-07-13] Billionaire Steven Cohen Enters Crypto Industry

[Thadeous]

Billionaire Steven Cohen Enters Crypto Industry

American billionaire investor Steven Cohen joins a hedge fund with a focus on cryptocurrencies and blockchain.

Renowned American billionaire Steven A. Cohen is the latest name to invest in the crypto world. According to a report by Bloomberg, Cohen Private Ventures - the billionaire’s venture capital firm, has invested in Autonomous Partners, a hedge fund that focuses on both cryptocurrencies and blockchain company equities.

The fund was launched in December 2017 by Arianna Simpson, a cryptocurrency advocate, who confirmed the information through her Twitter account.

According to Bloomberg, Autonomous Partners is looking to invest in cryptocurrencies that “serve as general purpose money”.

   I still think “money” is the most underrated blockchain application.
    — Arianna Simpson (@AriannaSimpson) July 12, 2018

“I’ve only brought on partners that I think can be very much value-add beyond their capital,” Simpson said in an interview for Fortune. Simpson explained Autonomous Partners invests in Bitcoin and other large-cap altcoins, such as Ethereum. The fund has also attracted other investment partners such as Union Square Ventures, Brian Armstrong, and Co-Founder of Craft Ventures David Sacks.

Simpson has previously invested in 0x, a protocol that allows the creation of decentralized exchanges, and Celo, a platform for digital payments that aims to “remove the barriers for large-scale adoption of cryptocurrencies” as means of payment.

This is not the first time Cohen has partnered with Arianna Simpson. In 2015, Cohen Private Ventures invested in her venture fund Crystal Towers Capital, a fund which focuses on tech companies such as Next Caller and TrueAccord.

Steven Cohen is an American investor and hedge fund manager. According to Forbes, as of March 2018, his wealth is worth $14 billion. Cohen started investing at a young age in 1978 after he got a junior trader job at Wall Street.

US-based Cohen Private Ventures focuses on private equities, real estate, and other longer-term investments. It was established in 2010 by Cohen, who also runs Point72 Asset Management.

Cohen joins a long list of investors who were interested in the crypto industry. However, his foray into it comes at a troubling time for crypto-focused hedge funds. Only 8% of the top 25 funds have reported profits since the start of 2018, with many shutting down due to the massive losses. Most funds did not register double-digit returns until cryptocurrencies’ rebound in April this year.

Source: https://cryptovest.com/news/billionaire-steven-cohen-enters-crypto-industry

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[Slow death]

Only 8% of the top 25 funds have reported profits since the start of 2018, with many shutting down due to the massive losses. Most funds did not register double-digit returns until cryptocurrencies’ rebound in April this year.

I really do not understand, these guys invest millions of dollars and do not do research before investing their precious money? Why would they have to sell with losses? since they are very rich people, they only need to invest long term because they have other sources of income, so they will not worry about the current loss if they are investing in the long term, now reading that they sell at a loss. makes me feel shocked and does not understand why

[felixesteban]

In 2018, many millionaires entered the crypto market, but for some reason it was not reflected in prices. This is really interesting. Maybe they didn't choose to invest too much. But new investors will be useful in the long run.

[dreamhouse]

cryptocurrency will soon become a mainstream investment.

[aso118]

In 2018, many millionaires entered the crypto market, but for some reason it was not reflected in prices. This is really interesting. Maybe they didn't choose to invest too much. But new investors will be useful in the long run.

They definitely aren't investing their house on cryptocurrencies. These measured investments are definitely helpful, but they wouldn't result in the price skyrocketing. The fact that they engage hedge funds to invest in cryptocurrencies is a positive - the investments can scale up quickly as they become comfortable investing in this space.

[huhhuh18]

In 2018, many millionaires entered the crypto market, but for some reason it was not reflected in prices. This is really interesting. Maybe they didn't choose to invest too much. But new investors will be useful in the long run.

Yeah! This year seems to have drawn in many billionaires into the cryptospace. I think they have now analyzed the technology better and have seen it has good offers for humanity and so since they're visionaries they will join. It's good news for us as well.

[Thadeous]

Only 8% of the top 25 funds have reported profits since the start of 2018, with many shutting down due to the massive losses. Most funds did not register double-digit returns until cryptocurrencies’ rebound in April this year.

I really do not understand, these guys invest millions of dollars and do not do research before investing their precious money? Why would they have to sell with losses? since they are very rich people, they only need to invest long term because they have other sources of income, so they will not worry about the current loss if they are investing in the long term, now reading that they sell at a loss. makes me feel shocked and does not understand why

My guess is that many of big investors do not purchase crypto directly.
They buy futures contracts or other derivatives instead.
Probably having literally no idea what Bitcoin or Altcoins are.

[veleten]

Only 8% of the top 25 funds have reported profits since the start of 2018, with many shutting down due to the massive losses. Most funds did not register double-digit returns until cryptocurrencies’ rebound in April this year.

I really do not understand, these guys invest millions of dollars and do not do research before investing their precious money? Why would they have to sell with losses? since they are very rich people, they only need to invest long term because they have other sources of income, so they will not worry about the current loss if they are investing in the long term, now reading that they sell at a loss. makes me feel shocked and does not understand why

My guess is that many of big investors do not purchase crypto directly.
They buy futures contracts or other derivatives instead.
Probably having literally no idea what Bitcoin or Altcoins are.

many of big investors say they do not purchase crypto directly or have no idea about it
it is their job to monitor profitable investments and cryptocurrencies have shown not only the unprecendented growth potential
but also returns of thousands of % ,beating any other asset or currency
they cannot ignore this,but if a huge hedge fund says we have just invested a couple of billions,the price could go up
if you want to buy more,this is not the best idea,so I believe many of them play dumb and say that we don't understand what bitcoin is

[Kemarit]

Only 8% of the top 25 funds have reported profits since the start of 2018, with many shutting down due to the massive losses. Most funds did not register double-digit returns until cryptocurrencies’ rebound in April this year.

I really do not understand, these guys invest millions of dollars and do not do research before investing their precious money? Why would they have to sell with losses? since they are very rich people, they only need to invest long term because they have other sources of income, so they will not worry about the current loss if they are investing in the long term, now reading that they sell at a loss. makes me feel shocked and does not understand why

My guess is that many of big investors do not purchase crypto directly.
They buy futures contracts or other derivatives instead.
Probably having literally no idea what Bitcoin or Altcoins are.

Of course, that's why the get hedge fund managers to do that thing for them. I'm sure that they have heard about bitcoin and altcoin from their "billionaires clubs". But perhaps they only talks how much money they can earn. LOL. But when bitcoin and crypto suddenly makes a U-turn for the worst this year, they are at shock and now enters the "what went wrong". They now real how the market works and they become wise investors now. Maybe most of them cut their losses already, or others stay for the long haul.

[dunfida]

Only 8% of the top 25 funds have reported profits since the start of 2018, with many shutting down due to the massive losses. Most funds did not register double-digit returns until cryptocurrencies’ rebound in April this year.

I really do not understand, these guys invest millions of dollars and do not do research before investing their precious money? Why would they have to sell with losses? since they are very rich people, they only need to invest long term because they have other sources of income, so they will not worry about the current loss if they are investing in the long term, now reading that they sell at a loss. makes me feel shocked and does not understand why

My guess is that many of big investors do not purchase crypto directly.
They buy futures contracts or other derivatives instead.
Probably having literally no idea what Bitcoin or Altcoins are.

Of course, that's why the get hedge fund managers to do that thing for them. I'm sure that they have heard about bitcoin and altcoin from their "billionaires clubs". But perhaps they only talks how much money they can earn. LOL. But when bitcoin and crypto suddenly makes a U-turn for the worst this year, they are at shock and now enters the "what went wrong". They now real how the market works and they become wise investors now. Maybe most of them cut their losses already, or others stay for the long haul.

No doubt that some of them do already cut out losses because they didn't expect for cryptocurrency prices to behave that way which same as you said they do only matter or talk on how much money they would able to earn without even knowing too much on the things they are tending to engage on. Good to look or know that traditional big investors to enter crypto but they should really be ready on that this wont really be the same with stocks or local fiat price movements.