May 18, 2022

Change of mind: Ken Griffin Admits He Was Wrong About Bitcoin

2 min read

The Founder and CEO of Citadel LLC– Ken Griffin– has been among the most significant critic of the cryptocurrency market in the previous few years. Nevertheless, in his latest look, he confessed being wrong about the asset class and that he now sees its benefits.

‘‘ I Haven’t Been Right on This Call’

It is safe to state that the digital property sector has actually formed 2 opposite teams: industry fans and critics. The American billionaire– Ken Griffin– has become part of the 2nd club, as he believed that bitcoin and the altcoins could harm the American dollar. At one point, he even stated it is a “Jihadist call” that some would select BTC over the United States national currency.

In a recent interview for Bloomberg, though, Citadel’s executive made a U-turn. He noted that crypto has actually been “one of the excellent stories in financing throughout the last years” and that the present market capitalization of the asset class is practically $2 trillion. As such, Griffin confessed not being “right on this call.”

He further anticipated that numerous services will open their arms to the cryptocurrency universe in the months to come. In spite of still having doubts about the industry, however, Griffin said his business is trying to find a way in:

“I still have my hesitation, but there are hundreds and countless individuals in this world today who disagree with that. To the extent that we’re trying to assist institutions and investors solve their portfolio allocation issues, we need to give severe factor to consider to being a market maker in crypto.”

The American began softening his harsh position on the digital property sector in November 2021. At that time, he anticipated that Ethereum might become the most dominant cryptocurrency task. Nonetheless, he argued that Bitcoin is too harmful to the environment, has low deal speed, and is susceptible to fraud.

Ken Griffin
Ken Griffin, Source: Bloomberg Who Else Changed Their Viewpoint on Crypto?

Kevin O’Leary is amongst those who bashed the digital property area however is currently part of the ecosystem. In 2019, the television host labeled bitcoin as “ineffective currency” and “trash.” Nevertheless, in 2021 he changed his stance, saying he respects the possession. Soon after, he developed into a BTC hodler, allocating 3% of his portfolio.

The well-known former stockbroker, referred to as the Wolf of Wall Street– Jordan Belfort– is another specific part of that club. While in 2018, he forecasted that bitcoin “is disappearing,” in 2021, he praised the benefits of the primary cryptocurrency and pictured a rate of $100,000 by the end of the year.

Included Image Courtesy of Yahoo