Daniel Loeb, CEO of New York-based Third Point, has been doing a "deep dive" into cryptocurrencies, according to his recent Twitter thread related to a16z general partner Chris Dixon's collection of non-fungible tokens (NFTs):
I've been doing a deep dive into crypto lately. It is a real test of being intellectually open to new and controversial ideas.
The hedge fund honcho mentioned that he was struggling to maintain "healthy skepticism" while digging deeper into the topic:
Also, maintaining healthy skepticism while also deepening one's understanding requires one to engage in what Steve Jobs (and Fitzgerald before him) described as requisite for a superior intellect: 'to maintain two opposed ideas in one's mind and retain the ability to function.'
"Better late than never"
The billionaire is also concerned about being late to the party, comparing it to "taking the sucker seat" at a poker game:
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.
Through the years, Loeb had been mum about Bitcoin and cryptocurrencies despite being one of the best-known names in the hedge fund industry.
While commenting on his Twitter thread, CNBC's Joe Kernen remarked that the activist investor sounded "conflicted":
After you watch it go from $8 to $48,000, and maybe resist the entire way to finally, at $48,000, says 'I need to closer at this.' Better late than never, but he seems very conflicted.