Billionaire Steve Cohen Hops on the Crypto Bandwagon

Billionaire Steve Cohen Hops on the Crypto Bandwagon

Billionaire’s love money and tend to follow it wherever it hides. With cryptocurrencies making money for plenty, Steven Cohen has smelled an opportunity in the making. He has invested in Autonomous Partners which is a fund that acquires cryptos and equity in companies that work with Blockchain technology.

Steven Cohen made a name for himself and is popularly known as the ‘hedge fund king’ with a net worth of US$14 billion as of March 2018.

Fortune’s article on July 12th released news of him investing in the cryptocurrency fund called Autonomous Partners.

Autonomous Partners was founded by Arianna Simpson who is a venture capitalist who also has a history with the bitcoin wallet, BitGo. Arianna Simpson has had a fabulous past already with Cohen’s Cohen Private Ventures. In 2015, Cohen Private Ventures invested in Crystal towers Capital which was Simpson’s venture.

Autonomous Partners boasts of investors such as Brian Armstrong, CEO of Coinbase, Union Square Ventures and Craft Ventures.

Simpson’s is quite picky with her partners which she specified to Fortune. She said, “I’ve only brought on partners that I think can be very much value-add beyond their capital.”

Autonomous Partners eyes the long-term gains. Simpsons highlighted she looks for firms that want to speed to transactions, adhere to develop cryptocurrency infrastructure, privacy coins and scalability being improved. Other than significant coins like Bitcoin and Ethereum, one notable name which stood out was 0x. 0x is a protocol that will allow the creation of decentralized exchanges.

When studying the investments, XRP is missing out even though it is ranked third regarding market capitalization. When asked why she did not want to invest in XRP she replied,   “I have a lot of concerns about the level of centralization there, and I have regulatory concerns if what they have issued is a security.”

Similar to Cohen’s fascination with collecting art, he might have realized that cryptocurrencies are related to art. Both increase in price as time goes on due to the rise in value.

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