Crypto critic Ken Griffin is changing his stance on digital assets as the global crypto market cap grew from just over $748 billion in 2018 to around $2 trillion today.
The CEO and founder of hedge fund manager Citadel, who once said that he does not see the economic underpinning of cryptocurrencies, tells Bloomberg in a new interview that he was wrong about crypto.
“Crypto has been one of the great stories in finance over the course of the last 15 years. And I’ll be clear, I’ve been in the naysayer camp over that period of time. 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 still has reservations about cryptocurrencies, but he says that Citadel Securities, the market maker which he founded, will soon be involved in crypto amid the growing demand for the new asset class.
“I still have my skepticism, but there are hundreds and millions of people in this world today who disagree with that. To the extent that we’re trying to help institutions and investors solve their portfolio allocation problems, we have to give serious consideration to being a market maker in crypto.
It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.”
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