Top Hedge Fund Manager Daniel Loeb Tweets About Crypto, Doing Deep Dive

Daniel S. Loeb, the CEO of Third Point, is pondering the possibilities of crypto, according to several tweets this morning.

Third Point holds over $14 billion in assets and reports an “event-driven, value-oriented investment style.” Third Points says it “seeks to identify situations where we anticipate a catalyst will unlock value.”

So is crypto something the firm should be looking at? Perhaps, as Loeb says he has been doing a “deep dive” into the crypto-sphere likening it to the “multiverse.”

 

Loeb says he is “maintaining healthy skepticism” while wondering if he is too late to the crypto game.

“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,” states Loeb.

Recently, a blitz of corporates have announced holding Bitcoin on their books. Tesla revealed earlier this year it had purchased $1.5 billion of BTC. The rise in interest by institutional money has fueled the rise in the price of Bitcoin that started the year trading around $32,000 and now trades at around $48,000 having hit a new all-time high of over $57,000 before shedding some of its gains.

Meanwhile, some prognosticators are claiming Bitcoin will top $100,000 while others worry about the possibility of BTC heading in the opposite direction. The one given is that Bitcoin will remain a volatile cryptocurrency – something traders love.

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