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Citadel founder admits that he was wrong about crypto

Citadel founder admits that he was wrong about crypto 5

Ken Griffin stated that he was wrong about crypto and also said that we have to give serious consideration to being a market maker. 

Citadel is an American multinational hedge fund and financial services company. This company was founded by Kenneth C. Griffin around 32 years ago in 1990. It is expected that Citadel is going to enter the crypto Industry.

Ken Griffin, the founder of Citadel, recently appeared in an interview with David Rubenstein on Bloomberg Wealth. Through the interview, he hinted that he is the latest Billionaire in the crypto industry as a supporter. 

When the interview discussion shifted to the Digital assets industry then Ken said that Citadel will consider showing its engagement in the crypto industry this year. 

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“It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.”

Earlier this, when Citadel founder was not interested in the crypto industry then at that time he said that there is no need for cryptocurrencies. 

In November 2017, Ken described the crypto Industry as a bubble. 

“these bubbles tend to end in tears. And I worry about how this bubble might end.”

In the latest interview, Ken admitted that he was wrong on the crypto industry, which is proved in the last 15 years in the sector of finance.

“And I’ll be clear, I’ve been in the naysayer camp over that period. 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.”

Citadel founder also emphasized that they will consider this crypto Industry seriously to allocate the funds of institutions and investors.

“We have to give serious consideration to being a market maker in crypto.”

Here we should not think that these are sudden changes taking place for Ken Griffin toward the crypto industry. In January of this year, Citadel securities already invested $1.15 billion from two prominent crypto venture capital firms Sequoia Capital and Paradigm. After that, it was almost confirmed that Citadel is planning something to foray show its crypto.

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Citadel founder admits that he was wrong about crypto


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