However, there is no way he wins the nomination.
The same was said of Donald Trump. Look where we are now.
I'm not saying it's impossible, but I can't imagine Steyer being Trump 2.0. One of the main reasons why Trump won the Republican nomination despite originally being seen as a joke candidate was because of his charisma. Steyer is no where near as charismatic as Trump is. Steyer is actually pretty boring and uncharismatic. One of the main reasons why Donald Trump was seen an anti-establishment "populist" outsider despite being a "billionaire" real estate mogul who grew up fabulously wealthy is because of his charisma. He was so charismatic and persuasive that he was able to convince so many people that he was the champion of the working-class. Tom Steyer is not charismatic at all.
Also, one of the main reasons why Hillary lost is because she was seen as out-of-touch with "Real America," and nominating a San Francisco billionaire hedge-fund manager climate change activist would not be a good idea. Steyer is the personification of the liberal elite. Steyer reminds me of Gore in many ways.
Also, I can't see any Sanders supporter backing Steyer. Bernie literally spent his whole entire campaign bashing Wall Street institutions like hedge funds. Wall Street is deeply unpopular with around half of the Democratic Party. Bernie spent his whole entire campaign doing nothing but bashing Wall Street billionaires. Tom Steyer is a literal Wall Street billionaire.
Don't get me wrong, I like Tom Steyer
a lot, but I think his chances of winning nomination is extremely low.