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Steve Cohen, the billionaire behind Point72, recently shared in a CNBC interview that he’s ventured into Bitcoin, albeit modestly, encouraged by his son’s keen interest. Cohen admitted his unfamiliarity with the crypto realm, stating, “It’s not kind of what I do,” yet acknowledged the growing belief among certain circles in Bitcoin’s potential as the “new gold.” Despite his reserved stance on Bitcoin, he highlighted the broader crypto ecosystem’s future hinges on the development of practical use cases. Cohen also touched upon various topics beyond crypto, including his optimism towards the equity market, artificial intelligence (AI), and the Federal Reserve’s policies. He anticipates AI to usher in significant new players in the market, reminiscent of the tech boom in the 90s. On monetary policy, Cohen suggests that a trio of rate cuts by the Federal Reserve would be judicious, though achieving a 2% inflation target remains challenging. Additionally, he foresees the adoption of a four-day workweek in the near future, signaling evolving work norms.
