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Billionaire Cohen abandons cryptocurrencies to focus on artificial intelligence
Alex Dovbnja
The venture capital giant has laid off several investors focused on fintech and cryptocurrencies
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According to a recent Forbes report, Point72 Ventures, an early-stage venture capital firm launched by billionaire Steven Cohen, is abandon fintech and cryptocurrencies to focus on artificial intelligence.
According to anonymous sources cited by the news agency, several investors from the fintech and crypto teams have been fired.
In addition to AI, Cohen’s VC firm has also prioritized defense startups.
Point72 told Forbes that it continues to “optimize” its strategy based on emerging market opportunities.
AS reported by U.TodayCohen, whose net worth is estimated at $19.8 billion, revealed he owns “a little bit” of Bitcoin during an interview with CNBC. He said he got his foot in the door in the largest cryptocurrency thanks to his son, who showed him how to transact on a cryptocurrency exchange.
During the aforementioned interview, the billionaire admitted that Bitcoin was “interesting,” but also said that he did not have a strong opinion on the leading cryptocurrency.
At the same time, Cohen expressed bullish sentiment toward artificial intelligence, arguing that the current craze reminds him of the Internet boom of the 1990s that managed to produce some of today’s best companies.
In 2021, the head of Point72 Asset Management said he had “fully converted” to cryptocurrencies, adding that it was still early.
Now, it appears the billionaire has soured on cryptocurrencies due to the recent focus on artificial intelligence.
He’s not the only one. Last year, for example, Chinese fintech giant Ant Group abandoned the cryptocurrency market to invest in artificial intelligence.
About the author
Alex Dobnya
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader, and journalist with extensive experience covering everything from price analysis to Blockchain disruption. Alex has written more than 1,000 stories for U.Today, CryptoComes, and other fintech media. He is particularly interested in regulatory trends around the world that are shaping the future of digital assets, and can be reached at alex.dovbnya@u.today.