Mo.bi - Crypto Currency Tracker logo Mo.bi - Crypto Currency Tracker logo
Seeking Alpha 2021-08-12 14:25:41

Third Point's Dan Loeb: Cryptocurrency's biggest potential comes as disruptive technology

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

Read the Disclaimer : All content provided herein our website, hyperlinked sites, associated applications, forums, blogs, social media accounts and other platforms (“Site”) is for your general information only, procured from third party sources. We make no warranties of any kind in relation to our content, including but not limited to accuracy and updatedness. No part of the content that we provide constitutes financial advice, legal advice or any other form of advice meant for your specific reliance for any purpose. Any use or reliance on our content is solely at your own risk and discretion. You should conduct your own research, review, analyse and verify our content before relying on them. Trading is a highly risky activity that can lead to major losses, please therefore consult your financial advisor before making any decision. No content on our Site is meant to be a solicitation or offer.