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Citadel CEO Ken Griffin, a bitcoin skeptic, admits he has not been proper on his crypto name. He now says: “It’s truthful to imagine that over the months to return, you will notice us have interaction in making markets in cryptocurrencies.”
Citadel Getting Into Crypto
The CEO and founding father of monetary companies agency Citadel, billionaire Ken Griffin, talked about cryptocurrency and his firm’s choice to enter the house in an interview with David Rubenstein on Bloomberg Thursday.
The billionaire govt has lengthy been a bitcoin skeptic. He beforehand described the frenzy to embrace cryptocurrencies as a “jihadist name” towards the U.S. greenback. In 2017, he advised CNBC that bitcoin has “most of the parts of the tulip bulb mania.” He additionally mentioned: “I get very anxious that folks which are shopping for bitcoins don’t actually perceive what they’re taking part in.”
Griffin made headlines in November final 12 months when he purchased a uncommon copy of the U.S. Structure at a Sotheby’s public sale for $43.2 million, beating out ConstitutionDAO.
He was requested whether or not Citadel has plans to commerce or make markets in crypto. “To the extent that we’re attempting to assist establishments and buyers resolve their portfolio allocation issues, we have now to present critical consideration to being a market maker in crypto,” he replied, elaborating:
It’s truthful to imagine that over the months to return, you will notice us have interaction in making markets in cryptocurrencies.
Based in 1990, Citadel operates two major companies. The primary is Citadel, one of many largest hedge funds with greater than $38 billion in belongings beneath administration. The opposite is Citadel Securities, the most important market maker in shares, choices, and rate of interest swaps for retail and institutional shoppers. The agency handles 40% of all inventory trades within the U.S.
Griffin additionally admitted Thursday that he has not been proper about his crypto name.
“Crypto has been one of many nice tales in finance over the course of the final 15 years. And I’ll be clear, I’ve been within the naysayer camp over that time frame,” the CEO shared, including:
However the crypto market at this time has a market capitalization of about $2 trillion in spherical numbers, which tells you that I haven’t been proper on this name.
Nonetheless, the Citadel CEO clarified: “I nonetheless have my skepticism, however there are a whole bunch and tens of millions of individuals on this world at this time who disagree with that.”
What do you concentrate on Citadel stepping into crypto and the CEO’s feedback? Tell us within the feedback part beneath.
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