FoCitadel hedge fund founder and CEO Ken Griffin has admitted he was wrong about bitcoin. He also revealed that Citadel will consider investing in crypto in the coming months.
American hedge fund manager and billionaire Ken Griffin, who has long been a critic of bitcoin and cryptocurrencies, has finally changed his stance. Griffin gave the asset class winged praise in an interview with Bloomberg, saying it’s been one of the great financial stories of the past 15 years.
Griffin is the founder and CEO of Citadel, the largest market maker in the US, and was involved in the Robinhood-Gamestop affair. He explicitly admitted that he was a critic of the property the whole time, and he eventually turned around. He is also known for outbid a crypto-funded venture to buy a copy of the US Constitution.
What is most exciting for market enthusiasts is Griffin’s confirmation that Citadel will invest in crypto in the coming months. The company plans to “seriously consider becoming a crypto market maker” and could give a significant boost to the market.
He is one of many incumbent market leaders who have changed their views on bitcoin and crypto over the past few years. Michael Saylor is another standout individual and has become one of the most prominent flag bearers on the market.
Will the adoption of cryptocurrencies lead to better regulation?
Cryptocurrencies have been increasingly welcomed by the incumbent financial community in recent years. This has led to more positive sentiment about the asset class and optimism about its future. Bitcoin proponent Anthony Pompliano mentioned this new wave of investors in a tweetsay that in the end all surrender.
The surge in capital from institutional investors and traditionally crypto-skeptic entities sent the market into a frenzy. However, regulation doesn’t necessarily keep up with it. To create the most base, cryptocurrencies will need regulation to attract investors to traditional markets.
However, there is something of a positive feedback loop here. As more incumbents join, the need for regulation becomes more apparent to authorities like the SEC. And as more regulations take shape, many investors feel more comfortable putting their capital in.
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https://beincrypto.com/billionaire-ken-griffin-admits-crypto-one-of-the-great-stories-of-finance/ Billionaire Ken Griffin admits crypto is one of the great stories in finance