Finance

FOMO driving billionaire hedge fund boss Daniel Loeb to ‘deep dive’ into cryptos?

Daniel Loeb, chief executive of hedge fund Third Point, said he has been on a “deep dive” into cryptocurrency recently which requires being “open to new and controversial ideas”.

The billionaire investor tweeted on 1 March: “I’ve been doing a deep dive into crypto lately. It is a real test of being intellectually open to new and controversial ideas.

“Culturally I compare bridging the crypto world with the old as akin to finding a portal between two distinct worlds in the multiverse. It is a real test of being intellectually open to new and controversial ideas,” he said.


READ Citi says Bitcoin adoption’s at tipping point – here’s what could come next

“Maintaining healthy scepticism while also deepening one’s understanding requires one to engage in what Steve Jobs (and Fitzgerald before him) described as requisite for a superior intellect: ‘to maintain two opposed ideas in one’s mind and retain the ability to function,’” he said.

Loeb’s comments came just hours after a 1 March note from analysts at US bank Citi who said bitcoin was at a “tipping point” that could see it either adopted as the preferred currency for international trade or face another burst bubble.

Bitcoin has fallen from its all-time high of more than $58,000 last month to $48,526 on 2 March, according to online tracker Coin Desk.

READ Goldman Sachs revives cryptocurrency desk to cash in on bitcoin hype

Loeb said people who had not invested in crypto assets needed to overcome the idea of having missed the boat.

“Another conflict to overcome is the idea that being late to the crypto party will inevitably lead to one taking the sucker seat at a high stakes poker table versus this still being early days in what is just now being adopted in the mainstream,” he tweeted.


To contact the author of this story with feedback or news, email James Booth

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