Billionaire Steve Cohen on Bitcoin: “Maybe It’s the New Gold”

During a Wednesday interview on CNBC, billionaire Steve Cohen said that he owns “a little bit” of Bitcoin because of his son. 

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“My son is really into it. He had me play around and try to figure out how to transact on Coinbase.”

Cohen has added that he does not follow Bitcoin closely. “It’s not kind of what I do…There’s certainly an element of the population that believes in it, and maybe it’s the new gold. Hard to know.”

The billionaire has added that he does not have a strong opinion on Bitcoin. “I think ultimately it’s about use cases…Will crypto develop use cases? You know, Bitcoin’s interesting, but it’s just a piece of the whole ecosystem,” he said. 

AI, the Fed, and a four-day working week 

Cohen has said that he does not see the equities market as a bubble. In fact, he believes that there is even more upside. “My view is that this is a really durable thing…There’s gonna be big winners and big losers.”  

The billionaire has said that the advent of artificial intelligence (AI) applications reminds him of the 90s when some of the best companies appeared on the scene. He is convinced that a lot of new names might emerge in the near future. 

Speaking of the Federal Reserve’s monetary policy, Cohen believes that three rate cuts would be reasonable this year. “I think that inflation has been somewhat contained,” he added. However, he added that it would be “hard” for the Federal Reserve to reach its 2% inflation target. 

During the interview, the Point72 chairman also predicted that a four-day work week was coming. 

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