Dan Loeb, CEO and CIO of Third Point, said in a letter to investors that cryptocurrency's biggest value came as a "disruptive technology" rather than as a speculative asset class. To take advantage of this potential, Third Point has made investments in private companies in the space. This includes Sam Bankman-Fried's FTX (FTT-USD), Bitwise and CipherTrace. The fund has also put money into PIPEs for eToro and Circle. Loeb warned of "extreme volatility in price and sentiment" and said the fund would take "the significant risk of capital" into account while making investments in the space. However, the Third Point CEO contended that the volatility concerns " are dwarfed by the incredible disruptive potential offered by this technology." Loeb argued that cryptocurrency will contribute to a broader Web 3.0 transition, which "will shift users’ digital presence away from centralized search, social media and data services to decentralized apps." "[Cryptocurrency] has