Technology investor and Coatue Management founder Philippe Laffont made remarkable statements on many topics from markets to artificial intelligence, from technology giants to Bitcoin in the Squawk Box program he attended on CNBC.
Laffont, the manager of Coatue, which manages approximately $55 billion in assets, has openly expressed his hesitations about Bitcoin for the first time: “I wake up every morning and ask myself: Why don’t I have Bitcoin?”
Stating that Bitcoin can now be evaluated “like a company” in terms of market value, Laffont said, “Today, Bitcoin’s market value is $2 trillion. This corresponds to approximately 0.5% of the world’s net wealth. So, could this rate be 1% or 2%? Why not?” He stated that he found some investors’ valuation of Bitcoin at $100 trillion “a bit aggressive,” but he still predicted that the asset could double or triple in the coming years.
Noting that Bitcoin was two to three times more volatile than Nasdaq in the past, Laffont stated that this volatility has decreased recently and has now become a more stable investment vehicle. “Bitcoin fell as much as Nasdaq in recent fluctuations, not more. This is a very interesting development,” he said.
Laffont, who stated that he still has not invested in Bitcoin, left the door open to the possibility of investing by saying, “Being a good investor means sometimes changing your mind. Maybe I made a mistake and it is time to change that decision.”
*This is not investment advice.
