BIG Money Is About To APE Into Crypto
But he built a very large uh net worth over 11 billion dollars, its estimated um being one of the best traders. What he ultimately has done in the crypto world was hes, very uh, critical of it, or at least uh, dismissive and kind of sat it out. All the way up until recently, but uh yesterday at the salt conference, he went out and he basically explained he said, listen my son, who he described as a crypto maniac, convinced him to start looking at the space and convinced him that steve and the rest of The folks at point 72 did not miss out on the overall industry. There was still lots and lots of opportunity there and so inside of 0.72, and also with steves personal money and the money that they manage externally. They started to do a whole bunch of different stuff here. So yesterday there was announcement. They invested in radical, spelled radkl its a quantitative trading firm for digital assets, uh the entire idea behind that investment is uh, really taking a lot of the electronic trading ideas and and all the quant strategies that have worked in wall street uh in the liquid assets. Around commodities and stocks and now bring that to crypto probably makes sense for a guy whos done very, very well uh trading there. The second is a couple of days ago, or maybe a week ago, they invested in something called recur. Its a company that develops experiences allowing fans to buy and sell nfts uh and then also they have now said that point 72 is building crypto trading capabilities internally at the firm itself uh and about a month ago they also invested and led the masari.
I think it was their series, a or b a 21 million dollar fundraising round for missouri, i think of them, as kind of like a bloomberg for crypto uh, really focusing on data etc. And so, when you start to see this steve cohen 65 years old hes got a net worth of 11.1 billion dollars. According to the bloomberg billionaires index, i dont know if bloomberg or forbes is less accurate, but 11 billion is the estimate uh and as of march 2021, they had 1500 employees about 22 billion in aum, pretty crazy. That about half of the firms at um is his Music and the investment they did in radical has about 10 employees currently, and they expect to hire much much much more. Over the coming days now weve got a couple of quotes from steve uh. One of these quotes comes from the salt conference, shout out, anthony scaramucci and steve said he speaking about his crypto maniac uh son, really convinced me. This was something i needed to do once i decided there were opportunities, and i thought this could be a space like the internet. It could be incredibly transform. Transformational, i wasnt going to miss this a multi billionaire, who is regarded as one of the best investors on wall street, saying i wasnt going to miss this pretty powerful. We got another quote from the .72 letter to investors and what they said is we can assure you that we will be prudent in the nature of and sizing of our investments, both from an allocation and market standards perspective.
We do, however, believe theres more innovation and evolution to come into space, and we want to make sure we have a seat at the table. Pretty, i think rational thought frankly in terms of them wanting to go ahead and enter the space. Now, when you think about steve cohen, entering into the crypto space, i think theres, three things that immediately jumped to mind. One is hes got a lot of capital. Two is, he serves as a signal for the rest of the industry, other people on wall street saying wow, steve cohens into this. Maybe i should take a look at it, similar to paul tudor jones stanley, druckenmiller, etc before him, and then the third thing is uh. Hes very, very sophisticated him and 0.72, and so their trading strategies, their uh kind of capital markets, experience their ability to leverage their network et cetera in order to help the companies that they invest in uh seems to me like. This is a really really big opportunity. Um for somebody like this to enter the market, joe and john, what do you guys think about it? Yeah i mean steve cohens, a beast right, like hes, uh, hes, obviously done really well for himself and super successful. I think it speaks a lot to his ability to adapt over time right and look at a new industry and say theres, obviously potential here. Let me take a deeper look and i think what weve seen is weve seen that divide occur over the last 12 to 24 months and actually even further back of people that are traditionally seen as the heads of wall street or hedge funds managers or whatever.
It might be saying some of them are saying: hey look. This is worthless all this kind of stuff and some are saying no actually theres, probably something here im, seeing some of the changes that are occurring younger people that work. For me, my son in this case are telling me that theres value here, let me go – take a deeper look so kudos to steve cohen, for taking a deeper look and not turning it off and saying, hey. Look, there might be something here well see kind of where it leads to down the investment front, uh kind of to be determined what investments make sense and kind of how he does on that front, but at least hes kind of getting involved, and not just shutting Down a new emerging industry and trend that is clearly here to stay yup john, you agree. I completely agree with that. Steve for a long time has been regarded as one of the best traders and money managers. I think in the world right um and it does speak to his ability to keep an open mind uh a lot of people kind of dismiss what they dont understand right. They say its stupid. I dont like it its not important and all that stuff right. So using the younger generation like his kid or anything like that to be able to like get an insight into this kind of industry uh, i think its very important, very smart and uh look hes, keeping an open mind well see what he does, but hes notorious At uh being a money manager, one other thing that came up uh theres an article today that was published on yahoo, financed by annie, massa and catherine burton and uh.
We know about the crypto element like it makes sense that somebody whos, really good at trading – wants to go and do a bunch of trading. Somebody whos good at investing, wants to do a bunch of investing uh but theres. One part in here that blew me away, and it said that steve cohen is interested in the virtual realm that extends beyond crypto, as well cohen, expressed a fascination with the metaverse or a vision of a virtual world where people interact through avatars. He said quote: theres some far out ideas out there about how people are going to spend their time. You cant your mind, can run wild and he specifically said uh mentioned things like buying virtual real estate, virtual outfits for their avatars, etc, and so he said its taking me to a different realm, uh and owning a hedge fund. You have some notoriety, but nothing like owning a sports team in new york and so hes very much. I think, sitting at this intersection now, where hes got the wall street experience the investing experience. He obviously now owns a sports team, so hes getting more into like culture and understanding uh how fans think and how they interact with these teams and and um kind of all of the uh. The things that revolve around sports and then all of a sudden out of left field now comes this metaverse idea from his son, and you can just see its almost like hes thinking out loud and hes, trying to figure out like how is this all going to Converge, but that ultimately, is where were all headed right yeah i i just think i think the fact that weve been talking about him for a few minutes, and we havent mentioned the fact that he has remarkably recovered from his insider uh trading days.
What damn coming in he pled guilty. He paid 1.8 billion false. He did not plead anything. Yes, he did no his firm paid okay and he was like hey, were still boys right. This boy was like no hes like. Let me see how big the check is. Listen if were gon na talk about martha stewarts insider trading, weve got to talk about steve, cones insider. He paid his fine um but uh, but i think its interesting because point 72 havent a few of their alums gone on to do interesting things in the crypto space. So i think, like maybe theyve, always been crypto curious and now its travis cling. Yeah travis kling, used to work at 0.72 now runs a uh, a hedge fund, uh ikey guy asset management and there hes not the only one there theres plenty of them that uh that have done that. I think also the other piece thats really interesting about uh cohen, specifically, is when he comes into a space hes, not gon na. Do it with a couple of dollars right, he owns a billion dollars of art on the conservative side right, and so you can see him. Nfts metaverse crypto like like hes just going to come in and hes going to start playing whats up guys, bang, bang thanks! So much for watching the best business show today if were going to be the best business show, we obviously need the best partner thats, why the exclusive sponsor the best business show is sofi theyre, an all in one platform that allows you to invest in all kinds Of different assets, including stocks, etfs crypto ipos, and they even have an automated investing function, if thats your thing so before we start getting after it again make sure that you go download sofi, you get an invest account and when you make your first crypto trade, regardless Of what you buy theyll give you 10 in bitcoin for free its that simple head on over to sofi.