Citadel CEO Ken Griffin has changed his tune on cryptocurrencies, admitting that he was wrong about the burgeoning asset class, in a recent interview with Bloomberg.
After seeing the crypto industry grow to trillions of dollars worth of value, the billionaire, whose net worth is estimated to be $25.6 billion, claims that he has not been right on the call:
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.
Griffin has also hinted the Citadel may be readying to get into crypto in the near future:
It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.
His Wall Street empire is seriously considering becoming a market maker in crypto.
Griffin, however, retains a healthy dose of skepticism when it comes to cryptocurrencies.
In February, he said that he did not understand the economic underpinnings of cryptocurrencies:
I don’t see the economic underpinning of cryptocurrencies. I understand how to value a stock — the net present value of earnings. I understand how to think about currency-exchange rates around the world.
In November, Griffin enraged crypto fans by outbidding them to win an audition for a rare copy of the U.S. Constitution.
Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at firstname.lastname@example.org.
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