Citadel makes a foray into the crypto markets
- Crypto markets will have a market maker by the name of Citadel
- CEO Ken Griffin claimed it will be going live soon in the coming months
- It has the largest hedge fund under its name with an AUM of $38 billion
Citadel CEO Ken Griffin, a bitcoin cynic, admits he was wrong on his crypto call. He currently says: It is reasonable to expect that over the coming months you will see us participating in the creation of markets in the form of digital currency.
The CEO and author of monetary administration company Citadel, the very wealthy Ken Griffin, discussed digital currency and his organization’s decision to enter the space during a meeting with David Rubenstein on Bloomberg on Thursday .
In 2017, he let everyone know that bitcoin contains many of the components of the tulip bulb craze. He also said he would be extremely stressed that people who buy bitcoin aren’t actually getting what they’re partaking in.
Griffin stood out as truly newsworthy in November last year when he bought an interesting copy of the US Constitution at a Sotheby’s closing for $43.2 million, demolishing ConstitutionDAO.
He found out if Citadel intends to trade or create markets in crypto. As we try to help foundations and funders with their portfolio allocation issues, we need to think hard about being a market maker in crypto, he replied, explaining:
It is reasonable to expect that throughout the coming months you will see us participating in the creation of markets in digital currencies.
Founded in 1990, Citadel operates two core organizations. The first is Citadel, one of the largest flexible investments with over $38 billion in resources under administration. The other is Citadel Securities, the largest market maker in stocks, picks and loan fee trading for retail and institutional clients.
Griffin also admitted on Thursday that he wasn’t right about his crypto call.
Crypto has been one of the amazing stories in finance over the past 15 years. Also, I’ll be clear, I’ve been on the skeptic side throughout this time, the CEO shared.
Anyway, the CEO of Citadel explained: I actually have my disbelief, but there are hundreds and millions of individuals in this current reality who can’t help but contradict this.
Griffin – the 40th most extravagant person on the planet with total assets of around $30.4 billion, as reported by Bloomberg – said that although he is not totally sold on crypto yet, Citadel does not can no longer ignore space.
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It’s a significant reversal for Griffin, who in 2017 let everyone know that bitcoin contains many of the components of the tulip bulb craze, alluding to the period in the 1630s when the cost of tulip bulbs tulips soared before collapsing.
In a similar meeting, Griffin said he pointed out that crypto-financial backers don’t actually get what they’re in for and warned that bubbles will most often end in tears. Back in February, Griffin let everyone know that he wasn’t investing a lot of energy in thinking about digital forms of money.
The duplicate was a goal of ConstitutionDAO, a decentralized independent association that had raised over $40 million in ether from its set of individuals, who remembered others for the crypto currency space, and institutional backers like Gemini digital currency trading, to try to buy the report.