{"id":9746,"date":"2022-03-05T12:47:00","date_gmt":"2022-03-05T12:47:00","guid":{"rendered":"https:\/\/egrowonline.com\/?p=9746"},"modified":"2022-03-05T12:47:00","modified_gmt":"2022-03-05T12:47:00","slug":"citadel-plans-to-start-making-markets-in-crypto-in-coming-months-ceo-ken-griffin-says-featured-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=9746","title":{"rendered":"Citadel Plans to Start Making Markets in Crypto in Coming Months, CEO Ken Griffin Says \u2013 Featured Bitcoin News"},"content":{"rendered":"


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Citadel CEO Ken Griffin, a bitcoin skeptic, admits he has not been right on his crypto call. He now says: \u201cIt\u2019s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.\u201d
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Citadel Getting Into Crypto<\/h2>\n

The CEO and founder of financial services firm Citadel, billionaire Ken Griffin, talked about cryptocurrency and his company\u2019s decision to enter the space in an interview with David Rubenstein on Bloomberg Thursday.<\/p>\n

The billionaire executive has long been a bitcoin skeptic. He previously described the rush to embrace cryptocurrencies as a \u201cjihadist call\u201d against the U.S. dollar. In 2017, he told CNBC that bitcoin has \u201cmany of the elements of the tulip bulb mania.\u201d He also said: \u201cI get very worried that people that are buying bitcoins don\u2019t really understand what they\u2019re participating in.\u201d<\/p>\n

Griffin made headlines in November last year when he bought a rare copy of the U.S. Constitution at a Sotheby\u2019s auction for $43.2 million, beating out ConstitutionDAO.<\/p>\n

He was asked whether Citadel has plans to trade or make markets in crypto. \u201cTo the extent that we\u2019re trying to help institutions and investors solve their portfolio allocation problems, we have to give serious consideration to being a market maker in crypto,\u201d he replied, elaborating:<\/p>\n

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It\u2019s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.<\/p>\n<\/blockquote>\n

Founded in 1990, Citadel operates two primary businesses. The first is Citadel, one of the largest hedge funds with more than $38 billion in assets under management. The other is Citadel Securities, the largest market maker in stocks, options, and interest rate swaps for retail and institutional clients. The firm handles 40% of all stock trades in the U.S.<\/p>\n

Griffin also admitted Thursday that he has not been right about his crypto call.<\/p>\n

\u201cCrypto has been one of the great stories in finance over the course of the last 15 years. And I\u2019ll be clear, I\u2019ve been in the naysayer camp over that period of time,\u201d the CEO shared, adding:<\/p>\n

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But the crypto market today has a market capitalization of about $2 trillion in round numbers, which tells you that I haven\u2019t been right on this call.<\/p>\n<\/blockquote>\n

Nonetheless, the Citadel CEO clarified: \u201cI still have my skepticism, but there are hundreds and millions of people in this world today who disagree with that.\u201d<\/p>\n

What do you think about Citadel getting into crypto and the CEO\u2019s comments? Let us know in the comments section below.<\/strong><\/em><\/p>\n

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\nKevin Helms <\/h6>\n

\nA student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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