Dan Loeb, the CEO of New York-based hedge fund Third Point, said he’s looking at ways to being intellectually open to cryptocurrencies.
“I’ve been doing a deep dive into crypto lately,” Loeb said in a tweet Monday. “It is a real test of being intellectually open to new and controversial ideas.”
Loeb was responding to a blog post by Chris Dixon, a general partner at venture capital firm Andreessen Horowitz. Dixon’s blog presents the case for digital creators to be paid directly by their “true fans” via a decentralized platform, rather than relying on intermediaries that keep most of the revenue for themselves.
“Crypto, and specifically NFTs (non-fungible tokens), can accelerate the trend of creators monetizing directly with their fans,” Dixon wrote.
Citigroup published a report on Monday, which was shot down by the Financial Times’ Jemima Kelly, that said bitcoin is at a “tipping point” and it could suffer a “speculative implosion” if investors go off the technology. The price of bitcoin fell 1% to $49,095 on Tuesday. It has fallen by almost 20% since hitting a record high above $58,000 just over a week ago.
In his series of tweets, Loeb cited an approach he’s using described by Apple cofounder Steve Jobs and novelist F. Scott Fitzgerald as vital to gaining superior intellect – “to maintain two opposed ideas in ones mind and retain the ability to function.”
He concluded on a positive note for anyone that is just now taking an interest in cryptocurrencies. “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,” he said.