Citadel CEO Ken Griffin changed his mind on cryptocurrencies, admitting he was wrong about the emerging asset class in a recent interview with Bloomberg.
Griffin has long been skeptical of Bitcoin, in particular, which he claims does not have a “commercial use case.” The billionaire, whose net worth is estimated at $25.6 billion, admitted that he was not right in the call, after seeing the crypto industry reach trillions of dollars:
“Crypto has been one of the biggest stories in finance in the last 15 years. And I’ll be clear, I’ve been in the opposite camp the entire time. But today the crypto market has a market cap of around $2 trillion in round numbers, which shows you that I am not right in this call.”
Alongside these, Griffin also hinted that Citadel may be ready to enter crypto in the near future:
“It is fair to assume that we will be engaged in market creation in cryptocurrencies in the coming months.”
The Wall Street empire is seriously considering becoming a market maker in crypto. However, Griffin still maintains a slight dose of skepticism when it comes to cryptocurrencies. Griffin admitted that he “still has skepticism,” but said that “there are hundreds of millions of people in this world today who don’t agree with that.”
The famous billionaire said in February that he did not understand the economic fundamentals of cryptocurrencies:
“I don’t see the economic basis of cryptocurrencies.”
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.