Ken Griffin, the founder of the American hedge fund, Citadel, recently admitted that he was wrong about being cynical towards the stability of cryptocurrency markets. He was speaking to the journalist from Bloomberg recently when he made these remarks. When interviewer David Rubenstein asked him about his stance on the cryptocurrency markets, he admitted to having a change of heart.
Griffin has drawn similarities between cryptocurrencies and tulip bulbs mania recently. He used to issue warnings to the younger generation about getting involved in the bubble of the digital asset market. He was also found to claim that the cryptocurrencies are a bubble like the tulip bulbs that will eventually end in tears. However, in his latest interview, he seems to have changed his opinion.
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Citadel to Start New Crypto Ventures in Future
Not only did Griffin admit that he was wrong about his stance on cryptocurrencies, but he also claimed that his hedge fund organization has plans to start new crypto ventures.
Speaking to the journalist from Bloomberg Wealth, he claimed that in the upcoming month, Citadel has plans to launch new cryptocurrency ventures. He also claimed that during the last 15 years, cryptocurrencies have been one of the fascinating stories.
Griffin claimed that the continuous attention around cryptocurrencies allowed him to dismiss the marketplace as a passing fade. However, since the market managed to reclaim the $2 trillion landmark once again, he has gotten interested in the nascent industry. He further claimed that his company is working towards becoming a market maker in the crypto space and providing assistance and support to investors with portfolio allocation.
The advancement of Citadel brokers into the cryptocurrency market is fairly recent. In the first month of the current year, Citadel entered into a joint venture with crypto capital management firms Paradigm and Sequoia Capital. The hedge fund that manages $38 billion worth of assets as of 2022 was able to realize a valuation of $22 billion after the investment commenced.
Citadel Founder Admits He was Wrong About Crypto Markets
Furthermore, the founder of Citadel, Griffin, stated in clear words that he was wrong about cryptocurrency markets being volatile and unreliable. He also claimed that Ethereum was the next generation cryptocurrency asset that, according to his opinion, will dominate the cryptocurrency market in the upcoming years.