Bitcoin

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According to a recent report by Forbes, Point72 Ventures, an early-stage venture capital firm that was launched by billionaire Steven Cohen, is&nbsp;<a href="https://www.forbes.com/sites/emilymason/2024/06/27/billionaire-steve-cohens-point72-ventures-lays-off-fintech-team-in-pivot-towards-ai/" rel="noopener noreferrer nofollow">ditching</a> fintech and cryptocurrencies in order to focus on artificial intelligence.&nbsp;
Several investors from fintech and crypto teams have been fired, according to anonymous sources cited by the outlet.&nbsp;
Apart from AI, Cohen's VC firm has also prioritized defense industry startups.&nbsp;
Point72 told Forbes that it keeps "optimizing" its strategy based on emerging market opportunities.&nbsp;
As&nbsp;<a href="https://u.today/billionaire-steve-cohen-on-bitcoin-maybe-its-the-new-gold" rel="noopener noreferrer nofollow">reported by U.Today</a>, Cohen, whose net worth is estimated to be $19.8 billion, revealed that he owned "a little bit" of Bitcoin during a CNBC interview. He said that he had dipped his toes into the largest cryptocurrency because of his son who showed him how to perform transactions on a crypto exchange.&nbsp;
During the aforementioned interview, the billionaire admitted that Bitcoin was "interesting," but he also stated that he did not have a strong opinion on the leading cryptocurrency.&nbsp;
At the same time, Cohen expressed a bullish sentiment toward AI, arguing that the current craze reminded him of the internet boom in the 90s that managed to produce some of the best companies of today.&nbsp;
Back in 2021, the Point72 Asset Management boss said that he was "fully converted" to crypto, adding that he was still early.&nbsp;
Now, it seems like the billionaire has soured on cryptocurrencies due to the recent focus on AI.&nbsp;
He's not the only one. Last year, for instance, Chinese fintech behemoth Ant Group abandoned the crypto market in order to invest in AI.&nbsp;

Billionaire Cohen Pivots Away from Crypto to Focus on AI

U_Today

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