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Billionaire Cohen Pivots Away from Crypto to Focus on AI

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In keeping with a current report by Forbes, Point72 Ventures, an early-stage enterprise capital agency that was launched by billionaire Steven Cohen, is ditching fintech and cryptocurrencies with a view to deal with synthetic intelligence.

A number of traders from fintech and crypto groups have been fired, in response to nameless sources cited by the outlet.

Other than AI, Cohen’s VC agency has additionally prioritized protection trade startups.

Point72 advised Forbes that it retains “optimizing” its technique primarily based on rising market alternatives.

As reported by U.In the present day, Cohen, whose web value is estimated to be $19.8 billion, revealed that he owned “somewhat bit” of Bitcoin throughout a CNBC interview. He stated that he had dipped his toes into the biggest cryptocurrency due to his son who confirmed him easy methods to carry out transactions on a crypto alternate.

Throughout the aforementioned interview, the billionaire admitted that Bitcoin was “attention-grabbing,” however he additionally said that he didn’t have a robust opinion on the main cryptocurrency.

On the identical time, Cohen expressed a bullish sentiment towards AI, arguing that the present craze reminded him of the web increase within the 90s that managed to provide among the greatest corporations of at this time.

Again in 2021, the Point72 Asset Administration boss stated that he was “absolutely transformed” to crypto, including that he was nonetheless early.

Now, it looks like the billionaire has soured on cryptocurrencies because of the current deal with AI.

He is not the one one. Final 12 months, for example, Chinese language fintech behemoth Ant Group deserted the crypto market with a view to put money into AI.

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