Citadel Moving Into Crypto as Founder Ken Griffin Admits He Was “Wrong” About Bitcoin
In a recent appearance on Bloomberg Wealth speaking with David Rubenstein, Ken Griffin, founder and CEO of multinational hedge fund Citadel discussed current market dynamics amidst the geopolitical unrest and noted they are at a “very volatile inflection point.”
When the two talked about digital assets, Griffin said that his firm will be engaging in crypto asset markets this year. This is quite remarkable since the Citadel founder previously issues stern warnings about cryptocurrencies stating “there’s no need for cryptocurrencies” and comparing the Bitcoin market with the tulip bubble in the Netherlands in the 18th century.
Griffin said:
“It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.”
He admitted having been wrong about crypto, noting that it “has been one of the great stories in finance over the course of the last 15 years.” He added:
“And I’ll be clear, I’ve been in the naysayer camp over that period of time. But the crypto market today has a market capitalization of about $2 trillion in round numbers, which tells you that I haven’t been right on this call.”
Although he remains skeptical he said that “there are hundreds and millions of people in this world today who disagree with that” and that therefore his firm will venture into crypto assets:
“To the extent that we’re trying to help institutions and investors solve their portfolio allocation problems, we have to give serious consideration to being a market maker in crypto.”
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Source: igaming
