Billionaire Ken Griffin admits crypto is one of the big stories in finance
Citadel hedge fund founder Ken Griffin has admitted he was wrong about bitcoin. He also revealed that Citadel Securities would consider investing in crypto in the coming months.
Hedge fund manager and US billionaire Ken Griffin, who has long criticized bitcoin and cryptocurrencies, has finally changed his stance. Griffin praised the asset class in a Bloomberg interview, saying it was one of the great stories in finance over the past 15 years.
Griffin is the founder of Citadel Securities, the largest market maker in the United States, and was involved in the Robinhood-Gamestop incident. He clearly admitted that he was a critic of the asset class at that time and finally recovered. He is also known to have outbid a crypto-funded company to buy a copy of the United States Constitution.
What should be of most interest to market enthusiasts is the fact that Griffin has confirmed that the company will consider creating cryptocurrency markets in the coming months. The company plans to “seriously consider being a crypto market maker” and could provide a significant boost to the market.
He is one of many incumbent market stalwarts who have changed their minds about bitcoin and crypto over the past few years. Michael Saylor is another equally prominent individual and has become one of the most prominent standard bearers in the market.
Will crypto acceptance lead to better regulation?
Crypto has been increasingly welcomed by the established financial community in recent years. This has led to more positive sentiment towards the asset class and optimism about its future. Bitcoin proponent Anthony Pompliano discussed this wave of new investors in a tweetsaying that they all eventually capitulate.
The influx of capital from institutional investors and traditionally crypto-skeptical entities supported the market. However, regulation has not necessarily followed. In order to get the most out of it, crypto will need regulation to attract investors to traditional markets.
There is, however, a sort of positive feedback loop here. As more incumbents join, the need for regulation becomes more apparent to authorities such as the SEC. And as more regulations form, more investors feel comfortable investing their capital.
All information contained on our website is published in good faith and for general information purposes only. Any action the reader takes on the information found on our website is strictly at their own risk.