In line with a latest report by Forbes, Point72 Ventures, an early-stage enterprise capital agency that was launched by billionaire Steven Cohen, is ditching fintech and cryptocurrencies to be able to concentrate on synthetic intelligence.
A number of traders from fintech and crypto groups have been fired, based on nameless sources cited by the outlet.
Other than AI, Cohen’s VC agency has additionally prioritized protection business startups.
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Point72 instructed Forbes that it retains “optimizing” its technique primarily based on rising market alternatives.
As reported by U.Today, Cohen, whose web price is estimated to be $19.8 billion, revealed that he owned “just a little bit” of Bitcoin throughout a CNBC interview. He stated that he had dipped his toes into the most important cryptocurrency due to his son who confirmed him easy methods to carry out transactions on a crypto trade.
Throughout the aforementioned interview, the billionaire admitted that Bitcoin was “fascinating,” however he additionally said that he didn’t have a robust opinion on the main cryptocurrency.
On the similar 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 a few of the greatest corporations of right now.
Again in 2021, the Point72 Asset Administration boss stated that he was “absolutely transformed” to crypto, including that he was nonetheless early.
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Now, it looks as if the billionaire has soured on cryptocurrencies as a result of latest concentrate on AI.
He isn’t the one one. Final yr, as an illustration, Chinese language fintech behemoth Ant Group deserted the crypto market to be able to put money into AI.
