Ken Griffin, the manager of the Citadel Investment Group hedge fund, which had previously been anti-cryptocurrency, recognizes his error on this issue. He reveals that his fund may offer crypto-asset exposure to its customers in the next months.
Ken Griffin reconsiders his stance on cryptocurrency.
Ken Griffin stated in an interview with Bloomberg in October that he would not trade cryptocurrencies due to regulatory uncertainty. However, if this legislation is enacted, it will be done to fulfill the demands of the market. In this same interview, he compared the cryptocurrencies to a jihadist appeal to those who did not believe in the dollar. Likewise, he wanted all efforts to develop this technology in the country instead, to make the United States stronger.
However, in a fresh interview with the same media on Monday, the American billionaire refused to own his error:
“I was in the opponent camp […]. But the cryptocurrency market today has a market capitalization of around $2 trillion, which indicates that I was wrong about that. »
He is still wary about the ecosystem, but with client demand coming first, he stated that his investment firm, Citadel Investment Group, will give exposure in the coming months. in relation to the crypto-asset market:
“ I still have my skepticism, but there are many people in the world today who do not agree with this […]. To the extent that we are trying to help institutions and investors solve their portfolio allocation issues, we need to consider the crypto market. »
Ken Griffin’s fund, which had $234 billion in assets under management in 2020, is following in the footsteps of other institutions in the Bitcoin industry.
While there is still a long way to go until the ecosystem is really democratized, we have seen in the last two years that, in response to demand, the top names in finance are examining their copies one by one and joining the crypto sphere en masse. Bloomberg is one of the most recent, following its merger with Elwood. All of this news is encouraging for the long-term viability of crypto-assets.