Cryptocurrencies continue to entice some of the biggest global investors and even those who were once their biggest critics. Venture Capital Investor and hedge fund manager Daniel S. Loeb, who has shared conflicting views about Bitcoin (BTC) in the past, now tweets that he is doing “deep dive into crypto lately”.
Loeb calls it a “test of being intellectually open to new and controversial ideas”. Adding further he notes: “Culturally I compare bridging the crypto world with the old as akin to finding a portal @chbetween two distinct worlds in the multiverse”.
BREAKING: Investor Dan Loeb tweets he's doing a "deep dive" into crypto #btc pic.twitter.com/jLPXK0ovXX
— Squawk Box (@SquawkCNBC) March 1, 2021
Although, Loeb hasn’t specifically yet mentioned his affinity to Bitcoin (BTC). Rather he points out to an article by blockchain developer Charles Dixon and calls it a “brilliant idea” of having non-fungible tokens (NFTs) as digital collectibles for investors.
Then he goes on to quote Apple founder Steve Jobs stating that along with skepticism, it is important to deepen one’s understanding of new technology. The hedge fund manager further adds:
“Another conflict to overcome is the idea that being late to the crypto party will inevitably lead to one taking the sucker seat at a high stakes poker table versus this still being early days in what is just now being adopted in the mainstream”.
Daniel Loeb is not the first person to have skepticism for crypto and later reverse the stand. Shark Tanks Kevin O’Leary has recently done exactly the same. From calling Bitcoin “garbage” O’Leary has gone on investing in Bitcoin and Ethereum by exposing 3% of his entire portfolio. Speaking to CNBC, he said:
“I actually think that digital currencies are here to stay. Most people that are willing to hold them, including institutions over the last 90 days, are willing to deal with the volatility. I am fascinated. I’m investing. I’m holding a 3% weighting in it between ethereum and bitcoin. The volatility sickens me but I’m getting used to it. And, finally, I’m starting to think about how do I invest in the infrastructure of mining bitcoin,” he added.
However, considering the extreme volatility of Bitcoin, O’Leary has advised that one must have a maximum exposure of 5% to crypto. This is in tune with JPMorgan’s recent statement of putting 1% money into Bitcoin.
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