Billionaire Hedge Fund Manager Cohen, Dario Sell Cryptocurrency

Ray Dalio, Co-Chair and Co-Chief Investment Officer of Bridgewater, will speak at the SkyBridge Capital SALT New York 2021 Conference on September 15, 2021 in New York City, USA.Reuters / Brendan McDermid

September 15, 2021

By Svea Herbst-Bayliss

New York (Reuters) – Billionaire investors Stephen Cohen and Ray Dalio said at this week’s conference that Bitcoin and other digital currencies are an interesting way to diversify their holdings, using cash to cryptocurrencies. Participated in the fashion of.

“I have more cryptocurrencies than gold,” Dario, the founder of Bridgewater Associates, the world’s largest hedge fund, told attendees at the SALT conference in New York on Wednesday.

Cohen, who runs Point72 Asset Management, said at a meeting earlier this week that he hopes not to miss the opportunity that digital currencies bring.

Skybridge, an alternative investment firm hosted by founder Anthony Skalamchi at the SALT conference, has a 12% investment in Bitcoin, said Ray Norte, co-chief investment officer of the company. Speaking at the event.

Even if investment companies try to create funds for cryptocurrencies that look like stock or bond funds, they are known to be volatile and potentially risky. For example, Bitcoin traded at over $ 48,000 on Wednesday after falling below $ 30,000 in July. It exceeded $ 60,000 in April.

Dario said cryptocurrencies represent diversification and that portfolios need to be diversified into more asset classes. “Diversification is a good thing,” he said.

Cohen, meanwhile, has been studying cryptocurrencies for himself and potentially his company for some time, telling investors in May that he would “neglect” to ignore the $ 2 trillion crypto market. rice field.

Cohen announced this week that it is investing in Radkl, a digital asset investment and proprietary trading company, and told the conference that his company, Point72, is building crypto trading capabilities.

Cryptocurrency was the main theme at the SALT conference held directly in New York this year after last year’s event in Las Vegas was canceled due to a pandemic.

Cohen and Dario’s appearance is one of the event’s most attended sessions, with fund managers and investors from billionaires working from China to remote and office work. I listened enthusiastically to how I saw the topic.

Dario said China could be seen as an existential threat to the United States, and increasing contact with China, rather than reducing it, is essential to a better understanding of how the government operates. Added.

Meanwhile, Cohen said flexibility is important in the post-pandemic world. “I like working from home and I don’t have to be in the office five days a week,” he said. “I think we have to be flexible.”

(Report by Svea Herbst-Bayliss, New York, edited by Matthew Lewis)