{"id":340358,"date":"2021-09-17T00:27:44","date_gmt":"2021-09-16T21:27:44","guid":{"rendered":"https:\/\/en.buradabiliyorum.com\/hedge-funders-chasing-crypto-despite-warnings-of-possible-crash\/"},"modified":"2021-09-17T00:27:44","modified_gmt":"2021-09-16T21:27:44","slug":"hedge-funders-chasing-crypto-despite-warnings-of-possible-crash","status":"publish","type":"post","link":"https:\/\/buradabiliyorum.com\/en\/hedge-funders-chasing-crypto-despite-warnings-of-possible-crash\/","title":{"rendered":"#Hedge funders chasing crypto despite warnings of possible crash"},"content":{"rendered":"<p>&#8220;<strong>#Hedge funders chasing crypto despite warnings of possible crash<\/strong>&#8221;<\/p>\n<div>\n<aside class=\"single__inline-module alignleft\">\n        <\/aside>\n<p>If you\u2019re looking for proof that cryptocurrencies are no longer just for basement day traders, look no further than this year\u2019s SALT conference.<\/p>\n<p>The annual gathering of Wall Street titans organized by SkyBridge Capital \u2014 whose founder is Trump\u2019s short-lived communications chief Anthony \u201cMooch\u201d Scaramucci \u2014 went crypto-crazy as a surprisingly large crowd flocked to the Javits Center in Midtown Manhattan earlier this week.<\/p>\n<p>New York Mets owner Steve Cohen, founder of the $22 billion New York hedge fund Point 72 Asset Management, told attendees he has finally seen the light on\u00a0crypto, adding that he had been a \u201cskeptic\u201d until his son had persuaded him to invest.<\/p>\n<p>\u201cI saw crypto as speculative,\u201d Cohen said at the conference. \u201cMy son convinced me to get involved in the space. This could be a space like the Internet and I decided I wasn\u2019t going to miss this.\u201d<\/p>\n<p>Cohen is investing in a new cryptocurrency trading firm called Radkl, the Wall Street Journal reported this week. Last month, Point 72 made its first crypto investment, in data analytics provider Messari Inc.<\/p>\n<p>\u201cThe hedge fund business today is mature,\u201d Cohen said. \u201cYou have to grind out a living -it doesn\u2019t have the same excitement and hope that <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/technology\/\" data-internallinksmanager029f6b8e52c=\"4\" title=\"Technology\" target=\"_blank\" rel=\"noopener\">technology<\/a> and new industries have.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"739\" height=\"1024\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Crypto-Trading-Firm.jpg?quality=90&amp;strip=all&amp;w=739\" alt=\"Steve Cohen\" class=\"wp-image-19477884\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Crypto-Trading-Firm.jpg?quality=90&amp;strip=all&amp;w=1109 1108w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Crypto-Trading-Firm.jpg?quality=90&amp;strip=all&amp;w=739 739w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Crypto-Trading-Firm.jpg?quality=90&amp;strip=all&amp;w=370 369w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/Crypto-Trading-Firm.jpg?quality=90&amp;strip=all 1024w\" sizes=\"auto, (max-width: 739px) 100vw, 739px\"\/><figcaption>Hedge fund titan Steve Cohen told SALT conference attendees cryptocurrencies, \u201ccould transform the financial system.\u201d<\/figcaption><figcaption><span class=\"credit\">AP<\/span><\/figcaption><\/figure>\n<p>Indeed, nearly a dozen of the more than 50 panels at the SkyBridge Alternatives conference focused on the buzzy asset class. Sessions included \u201cHow Crypto Changes Everything\u201d and \u201cThe Macro Case for Bitcoin.\u201d  <\/p>\n<p>\u201cIt was more crypto than people expected, but on the other hand, bitcoin has been the best asset class of the last five years,\u201d said Randy Slifka of Slifka Asset Management. (Slifka says he held crypto in the past, but doesn\u2019t have any crypto holdings at the moment.)<\/p>\n<p>Bitcoin has soared by more than 7,700 percent over the last five years vs. the US dollar, according to data from Coinbase, which operates a cryptocurrency exchange. The Dow Jones industrial average is up 92 percent over the same time period.<\/p>\n<p>Still, not all big names in finance were so sanguine on the newfangled currency, which Warren Buffett, for one, has called \u201cdisgusting\u201d and not a store of value.<\/p>\n<p>Ray Dalio, founder of the $145 billion hedge fund Bridgewater Associates, warned at the conference of a crackdown on crypto. If crypto is \u201creally successful,\u201d he said, regulators will \u201ckill it.\u201d And for every Cathie Wood \u2014 the ARK Invest chief who predicted Monday at SALT that Bitcoin will hit $500,000 from its current price of around $47,650, there\u2019s a notable bear. <\/p>\n<p>Last month, hedge fund manager John Paulson who made $20 billion predicting the 2008 downfall of the US housing market predicted cryptocurrencies will \u201cgo to zero.\u201d<\/p>\n<figure class=\"wp-block-image size-large\"><img decoding=\"async\" loading=\"lazy\" width=\"1024\" height=\"682\" src=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/dalio-091.jpg?quality=90&amp;strip=all&amp;w=1024\" alt=\"Ray Dalio\" class=\"wp-image-19477956\" srcset=\"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/dalio-091.jpg?quality=90&amp;strip=all&amp;w=1535 1536w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/dalio-091.jpg?quality=90&amp;strip=all 1024w, https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/dalio-091.jpg?quality=90&amp;strip=all&amp;w=512 512w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\"\/><figcaption>Billionaire investor Ray Dalio said in a conference session, \u201cI have more crypto than gold.\u201d<\/figcaption><figcaption><span class=\"credit\">REUTERS<\/span><\/figcaption><\/figure>\n<p>Still, Dalio said crypto was good for diversifying a portfolio and said he owns more crypto than gold. <\/p>\n<p>Scaramucci has also become a bitcoin evangelist. His book, \u201cThe Sweet Life with Bitcoin,\u201d was passed out at the event. SkyBridge Chief Investment Officer Ray Nolte revealed at the conference that 12 percent of the firm\u2019s $7 billion in holdings are in Bitcoin. <\/p>\n<p>Meanwhile, top financial regulators have indicated they are looking to crack down on the space. In a Senate testimony Tuesday, Securities and Exchange Commission Chairman Gary Gensler said: \u201cIt\u2019s more like the Wild West or the old world of \u2018buyer beware.&#8217;\u201d And in a\u00a0<a rel=\"nofollow noopener\" target=\"_blank\" href=\"https:\/\/www.sec.gov\/news\/public-statement\/gensler-aspen-security-forum-2021-08-03\">speech at the Aspen Security Forum<\/a> last month, Gensler said crypto is \u201crife with fraud.\u201d <\/p>\n<p>\u201cIf we don\u2019t address the issues, I worry a lot of people will get hurt,\u201d he said. Still, Gensler has yet to unveil specific proposals or even a timeline for when he will introduce possible rules<\/p>\n<p>Over the past year, Bitcoin has jumped from around $10,000 in October to more than $60,000 at one point in April. Last month, the price of Bitcoin dropped below $30,000 but has since climbed past $47,000.<\/p>\n<p>Other cryptocurrencies have seen even more dramatic spikes. Dogecoin, which trades at around three cents, has surged as much as 400 percent in a single week.\n                        <\/p><\/div>\n<blockquote><p><strong><span style=\"color: #ff6600;\">If you liked the article, do not forget to share it with your friends. Follow us on\u00a0<span style=\"color: #ff0000;\"><a style=\"color: #ff0000;\" href=\"https:\/\/news.google.com\/publications\/CAAqBwgKMLG0nwswvr63Aw\" target=\"_blank\" rel=\"nofollow noopener noreferrer\">Google News<\/a><\/span>\u00a0too, click on the star and choose us from your favorites.<\/span><\/strong><\/p><\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\">For forums sites go to <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/forum.buradabiliyorum.com\/\" target=\"_blank\" rel=\"noopener\">Forum.BuradaBiliyorum.Com<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<blockquote>\n<p style=\"text-align: center;\"><strong>If you want to read more <a href=\"https:\/\/buradabiliyorum.com\/en\/category\/news\/\" data-internallinksmanager029f6b8e52c=\"2\" title=\"News\" target=\"_blank\" rel=\"noopener\">News<\/a> articles, you can visit our <span style=\"color: #ff9900;\"><a style=\"color: #ff9900;\" href=\"https:\/\/en.buradabiliyorum.com\/news\/\" target=\"_blank\" rel=\"noopener\">News category.<\/a><\/span><\/strong><\/p>\n<\/blockquote>\n<p><span style=\"color: black;\"><a style=\"color: #ff9900;\" href=\"https:\/\/nypost.com\/2021\/09\/16\/hedge-funders-chasing-crypto-despite-warnings-of-possible-crash\/\" target=\"_blank\" rel=\"noopener\">Source<\/a><\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>&#8220;#Hedge funders chasing crypto despite warnings of possible crash&#8221; If you\u2019re looking for proof that cryptocurrencies are no longer just for basement day traders, look no further than this year\u2019s SALT conference. The annual gathering of Wall Street titans organized by SkyBridge Capital \u2014 whose founder is Trump\u2019s short-lived communications chief Anthony \u201cMooch\u201d Scaramucci \u2014&#8230;<\/p>\n","protected":false},"author":1,"featured_media":340359,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"https:\/\/nypost.com\/wp-content\/uploads\/sites\/2\/2021\/09\/crypto-comp-01.jpg?quality=90&strip=all&w=1024","fifu_image_alt":"","footnotes":""},"categories":[70897],"tags":[116043,75261,76127,71070,116086],"class_list":["post-340358","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","tag-9-16-21","tag-anthony-scaramucci","tag-cryptocurrency","tag-hedge-funds","tag-salt-conference"],"_links":{"self":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/340358","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/comments?post=340358"}],"version-history":[{"count":0,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/posts\/340358\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media\/340359"}],"wp:attachment":[{"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/media?parent=340358"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/categories?post=340358"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/buradabiliyorum.com\/en\/wp-json\/wp\/v2\/tags?post=340358"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}