Cohen Not Going to Miss “Incredibly Transformational” Crypto While Dalio Finds BTC as A Cash Alternative

Steven Cohen Isn’t Going to Miss “Incredibly Transformational” Crypto While Ray Dalio Finds Bitcoin as an Alternative to Cash

While Point72 founder’s “cryptomaniac” helped him understand crypto, Bridgewater Associates founder continues to reiterate that Bitcoin “could still be controlled” and that it “could be tulips in Holland.”

Ray Dalio, the founder of the world’s largest hedge fund Bridgewater Associates, reiterated that he owns some Bitcoin but expressed concern that there’s a danger of governments destroying the cryptocurrency market.

On CNBC during the SALT conference in New York, Dalio said,

“I think at the end of the day if it’s really successful … they will try to kill it. And I think they will kill it because they have ways of killing it.”

His comments came as US regulators are looking to increase oversight on the $2 trillion cryptocurrency market. Just this week, SEC Chair Gary Gensler said that the top securities regulator is working overtime and crafting rules to bolster regulation of crypto assets.

It, however, wasn’t the first time that Dalio raised concerns about political government action against Bitcoin. Previously he said that the government could ban the cryptocurrency as they would want to clamp down on alternative currencies that could challenge the dominance of the US dollar.

He further said that while El Salvador has become the world’s first nation to adopt Bitcoin as legal tender, India and China are “getting rid of it” while the US is talking about how to regulate it, so overall, “it could still be controlled,” Dalio said.

“It Could Be Tulips In Holland”

According to Dalio, cryptocurrencies represent diversification which “is a good thing,” noting portfolios need to be spread across more asset classes.

Dalio yet again called cash trash and warned that investors shouldn’t become too reliant on it. And he thinks Bitcoin is a good alternative to cash.

“I think it’s worth considering all the alternatives to cash and all the alternatives to the other financial assets. Bitcoin is a possibility. I have a certain amount of money in bitcoin.”

“It’s an amazing accomplishment to have brought it from where that programming occurred to where it is through the test of time.”

However, he also said that the leading cryptocurrency lacks intrinsic value or fundamental and objective worth. Then he likened it to the tulip bubble saying, in a historical perspective, there are many things that didn’t have any intrinsic value but had perceived value and went hot and cold.

“You just have to know what it is. It could be tulips in Holland.”

According to CNBC, Dalio owns a smaller percentage of bitcoin compared to gold holdings in his portfolio.

Not Going To Miss This

SALT conference host Anthony Scaramucci’s alternative investment firm, SkyBridge’s co-chief investment officer, Ray Nolte, meanwhile said at the event that they have a 12% investment in bitcoin.

Earlier this week at the conference, billionaire investor Steven Cohen also said that he hopes to not miss out on opportunities presented by digital currencies.

Cohen, the founder of Point72 Asset Management, shared that he was a bit of a skeptic when it came to cryptos until recently when his son, a “cryptomaniac,” helped change his mind.

“Once I decided there were opportunities, and I thought this could be a space like the internet — it could be incredibly transformational — I wasn’t going to miss this.”

Cohen, who has a net worth of $11.1 billion, is venturing deeper into the crypto world in both personal capacity and at his firm. He is also interested in the metaverse where “your mind can run wild.”

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Author: AnTy

“The Timing is Never Good,” says Billionaire Steve Cohen as He Goes Full Crypto

“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.

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Author: AnTy

Former Head Of SEC’s Cyber Unit Is Moving To Coinbase’s Law Branch

Robert A. Cohen, the former head of the U. S. Securities and Exchange Commission (SEC) Cyber Unit, will be joining Coinbase’s law firm Davis Polk & Wardwell LLP soon. According to the reports, he is the newest partner in the company.

The executive worked with the SEC for 15 years and quit last month. Every eye was on him ever since, as people were wondering where he would go. After his departure, the division of the SEC is without a leader temporarily, as no one was announced to take his place.

His former unit was, in fact, very focused on the crypto world. It was created back in 2017 by the SEC to check issues involving the blockchain technology.

During his work with the cyber unit, Cohen oversaw several lawsuits and legal activity. He also got famous as he pursued legal action against several Initial Coin Offerings (ICOs). One of the most high-profile cases was the one against Kik Interactive, which happened recently.

Recently, Cohen affirmed that the SEC carefully choose who to go after. Their goal was to get some high-profile cases in order to get the word out. This way, more companies would understand the risks of illegal ICOs and would stop it without the SEC needing to go after every company out there.

Now, Robert A. Cohen has changed sides and will help Coinbase. He is, however, legally barred from speaking with any SEC official for around a year. There are regulations which prevent him from using too much of his influence now that he is out of the public service.

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Author: Gabriel Machado

Judge Gives 90-Day Extension for NYAG’s Bitfinex and Tether Investigation


New York Supreme Court Judge, Joel M. Cohen has recently given a 90-day extension on an investigation involving both crypto exchanges, Bitfinex, and Tether report Coin Desk. Such decision was made because Cohen still needed some time to finalize his concluding say. More specifically, he was quoted saying:

“I will extend the injunction […] If I dismiss the case, then obviously the injunction goes with it. If I don’t dismiss the case, the injunction will be extended.”

With the given extension, operations on both Bitfinex and Tether’s end do not need to be halted, however, both involved parties trust that the NYAG shouldn’t be getting involved in the first place. Before emphasizing on the latter, here’s what happened:

Tracing Back Past Events

According to the claims made, Bitfinex incurred $850 million in losses, and as a way to conceal the missing funds, the crypto exchange supposedly took the exact amounts from the Tether reserve. Since both parties have mutual executives involved, Tether had approved a $900 million line of credit to Bitfinex.

NYAG Letitia James was the one to have revealed the news regarding said court filing back in April reports Coin Telegraph, in which it was noted that those involved in Bitfinex and Tether have violated the New York law.

As for the NYAG office, they claim that they have “sufficient jurisdiction,” as it such activities can pose a risk to New York residents. Coin Desk referenced The Block, which gave an example of a New Yorker who was able to sign up with Bitfinex in “early 2019”. This was allegedly confirmed by the latter.

iFinex, the sole operator of Bitfinex supposedly applied to have the case closed, as it is believed that New York regulators lack authority to take on this role. In particular, the argument made is that Bitfinex wasn’t operating in New York when the loss was incurred.

Here’s a statement that lawyers on Bitfinex and Tether’s side released:

“For purposes of personal jurisdiction, OAG cannot show Respondents engaged in any busy activity purposefully directed at New York. OAG tries to confuse matters by referring to isolated instances where Respondents’ foreign customers have shareholders […] in New York. But in those circumstances, Respondents’ counterparties […] are the foreign entities.”

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Author: Nirmala Velupillai