World’s 47th Rich Billionaire Admits He Was Wrong About Bitcoin, Commits To Entering The Crypto Market This Year

Founder of multinational hedge fund Citadel LLC Ken Griffin has reversed his anti-crypto stance and wants Citadel ready to enter the crypto market as soon as this year.

In an interview with Bloomberg that took place earlier this week, Ken Griffin commented on the current state of financial markets due to the recent geopolitical conflicts between Russia and Ukraine. We’re at a pretty sensitive inflection point, he said, where anything can evaporate quickly at this point.

However, when it comes to crypto assets, Griffin presents a completely different perspective. He revealed that Citadel will enter the crypto market this year. Indeed, this is a very surprising statement from the founder of Citadel, because he was previously one of the businessmen who heavily criticized crypto, warning the young generation to stay away from them and insisting on saying no to them. cryptocurrency.

“It’s fair to assume that in the coming months you’ll see us enter the market directly.”

Back in November 2017, Griffin once said that Bitcoin has many elements of “tulip bubbles”. At the time, when BTC was trading around $10,000, he gloated when he stated BTC would inevitably end in tears and he was eagerly looking forward to how that story played out.

Now, Griffin admits that he was wrong to oppose Bitcoin. The billionaire even praised cryptocurrencies as having become one of the greatest inventions in finance over the past 15 years. Although there was still some skepticism, the agreement of millions of people around the world today convinced him.

“The crypto market is around $2 trillion, which shows me how wrong I was with my previous view.”

Citadel analyzes the global market using a range of strategies to deliver market leading investment returns to its equity partners. Therefore, Griffin wants the company to include crypto assets in this tool in the near future. In January, Citadel announced its first crypto-related investment of $1.15 billion from Sequoia Capital (the fund that led a $450 million investment round in Polygon) and Paradigm.

Citadel has about $38 billion in assets under management, valued at $22 billion. As for Ken Griffin personally, he is currently the 47th richest billionaire in the world with a net worth of up to 16.1 billion USD according to Forbes statistics as of March 2, 2022.

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