Investor Dan Loeb doing ‘deep dive’ into crypto

Dan Loeb, CEO of New York-based wealth management company Third Point and a well-known personality on Wall Street, has been looking for ways to bridge the gap between traditional finance and the crypto space.

In a series of tweets to his followers on Monday, Loeb said he was “deeply immersed in crypto,” referring to a recent article on non-fungible tokens (NFTs) by Chris Dixon, a general partner at Andreessen Horowitz. Dixon described how NFTs could transform the economics of content creators – namely, that technology enables them to “take the money in a new way.”

Although Loeb described the crypto room as “a real test of intellectual openness to new and controversial ideas,” he said it still maintains a healthy level of skepticism.

“Culturally, I compare the bridging of the crypto world with the old one, as if I were to find a portal between two different worlds in the multiverse,” said Loeb. “Another conflict to be overcome is the idea that being late at the crypto party will inevitably lead you to take the idiot at a high-stakes poker table when it is still in the early stages of the mainstream.”

I’ve been diving deep into crypto lately. It’s a real test of being intellectually open to new and controversial ideas. Culturally, I compare the bridging of the crypto world with the old one, as if I were to find a portal between two different worlds in the multiverse. https://t.co/LqWwfIxOyd

– Daniel S. Loeb (@ DanielSLoeb1) March 1, 2021

The Third Point CEO may, as he says, be late on certain aspects of the “Crypto Party,” but his potential inclusion in the room as a Wall Street figure could be the first domino in a number of other major investors still hesitant about technology and what it means for traditional finance. Some estimates put the hedge fund’s assets under management between $ 15 billion and $ 20 billion, with Loeb’s net assets exceeding $ 3 billion.

In July 2020, Cointelegraph reported that numbers like Loeb were related to “activist investors”, individuals who wanted to make “significant change” within a company by buying a large number of their shares or getting a seat on its board of directors. The fact that Loeb announced its Crypto Deep Dive on social media could indicate that he already has some understanding of the space.

The price of Bitcoin (BTC) and other tokens can be extremely volatile due to mere rumors from institutional investors. Elon Musk, one of the richest people in the world, made changes to the price of Dogecoin (DOGE) with a single tweet. A great Wall Street billionaire who is about to announce that he is considering the effects of entering space could be good news for Bitcoin and other cryptocurrencies.

“Better late than never, but [Loeb] seems very contradictory, “said Joe Kernen, host of CNBC’s Squawk Box.” He thinks about it a lot. “

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