Citadel’s co-founder and billionaire, Ken Griffin, changes his anti-crypto stance as his firm plans to offer crypto-assets to clients. This shows how much the idea of cryptocurrencies has evolved in this bull run. Hedge funds and banks have now actively started to offer Bitcoin and other crypto-assets as a service to their users. And Citadel doesn’t want to be left behind and will be entering the markets this year.
Ken Griffin on the crypto markets
In a recent interview with Bloomberg Wealth, Ken talked about the current state of the crypto markets. He talked about the volatility due to the current conflicts that are going on between Russia, Ukraine, and even the US. After this, he said that Citadel would be entering the markets in the next few months. This is quite a substantial change from how Ken used to view BTC in 2017.
During the time, he compared Bitcoin with the Tulip mania, which was one of the biggest and oldest bubbles that we know of. During the peak of this bubble, one tulip even became costlier than a house which can help understand its scale of it. Ken further added that these kinds of bubbles often end in tears, and he is worried about how this one will end.
But it takes a big heart to accept that you have been wrong, which Ken did, and further said that “Crypto has been one of the great stories in finance over the course of the last 15 years.” The market’s current size is good enough to say that many people who thought of crypto as a bubble might have been wrong.
Citadel entering the market
They are planning to become a market maker and offer investors an option to allocate crypto. At present, they have been offering various strategies bringing in good returns for their partners. In the future, they would also like to incorporate crypto into their investment strategies. Citadel currently has around $38 billion in assets under management which shows the scale of the firm.
What are your thoughts as Ken Griffin changes his anti-crypto stance? And can you think of anyone else who needs to re-consider his views on Bitcoin? Let us know in the comments below. Also, if you found our content informative, do like and share it with your friends.
Also Read: Bitcoin trades at $44k: What could be the next move?
