Based on 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 business startups.
Point72 instructed Forbes that it retains “optimizing” its technique primarily based on rising market alternatives.
As reported by U.At the moment, Cohen, whose web price is estimated to be $19.8 billion, revealed that he owned “slightly bit” of Bitcoin throughout a CNBC interview. He mentioned that he had dipped his toes into the biggest cryptocurrency due to his son who confirmed him carry out transactions on a crypto change.
In the course of the aforementioned interview, the billionaire admitted that Bitcoin was “fascinating,” however he additionally acknowledged that he didn’t have a powerful 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 growth within the 90s that managed to provide among the finest firms of at present.
Again in 2021, the Point72 Asset Administration boss mentioned that he was “totally transformed” to crypto, including that he was nonetheless early.
Now, it looks as if the billionaire has soured on cryptocurrencies as a result of current deal with AI.
He is not the one one. Final yr, as an example, Chinese language fintech behemoth Ant Group deserted the crypto market with a view to spend money on AI.