bitcoin image 800x500 - Billionaire Investor Steven Cohen Enters the Cryptocurrency Market

Billionaire Investor Steven Cohen Enters the Cryptocurrency Market

It seems that the cryptocurrency market is attracting an important number of billionaires and investors worldwide, even when it is in a downtrend since the beginning of the year. This time, Steven Cohen, an important billionaire dubbed the ‘Hedge Fund King,’ decided to make an important investment in the crypto market.

Steven Cohen Enters the Crypto World

The founder of Point72 Asset Management and S.A.C Capital Advisors, Steven Cohen, decided to enter the crypto market. The investor has an estimated net worth of $14 billion dollars. Apparently, the investment was made using the Cohen Private Ventures. coverbtc1 300x225 - Billionaire Investor Steven Cohen Enters the Cryptocurrency Market

The company invests in long-term capital including direct private equity, venture and growth equity financing, concentrated public markets positions, and more.

Arianna Simpson, Autonomous Partners’ CEO commented on the matter:

“I’ve only brought on partners that I think can be very much value-add beyond their capital.”

The hedge fund Autonomous Partners received investment from important crypto companies and figures including Union Square Ventures, Coinbase Inc. Chief Executive Officer Brian Armstrong and Craft Ventures Co-Founder David Sacks.

In the last months, crypto dedicated funds have been growing exponentially. Of the 249 different crypto funds in the market, 70 opened the last year, as reported by Autonomous Research.

Since the beginning of the year the market is operating down, and cannot recover the value it had at the beginning of the year. At the same time, an important number of cryptocurrencies appeared and couldn’t help increase the total market capitalization substantially.

Bitcoin remains the most important cryptocurrency by far. It has a 43% market dominance. Ethereum has 17% of the market. At the moment each Bitcoin can be bought for almost $6,400 dollars and it has a market cap of $110 billion dollars. Ethereum (ETH) instead, has $45 billion market capitalization and each ETH can be purchased for $445 dollars.

Cohen Private Ventures is just one of the many companies that decided to enter the market and invest important sums of money. For example, the long-time VC fund known as Andreessen Horowitz, opened a $300 million dollars fund dedicated to invest in virtual currencies.

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