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Billionaire Ken Griffin Admits He Was Wrong About Crypto

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Tue, 1/03/2022 - 16:07
Billionaire Ken Griffin Admits He Was Wrong About Crypto
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Citadel CEO Ken Griffin has changed his tune on cryptocurrencies, admitting that he was wrong about the burgeoning asset class, in a recent interview with Bloomberg.

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After seeing the crypto industry grow to trillions of dollars worth of value, the billionaire, whose net worth is estimated to be $25.6 billion, claims that he has not been right on the call:

But the crypto market today has a market capitalization of about $2 trillion in round numbers, which tells you that I haven't been right on this call.

Griffin has also hinted the Citadel may be readying to get into crypto in the near future:

It's fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.

His Wall Street empire is seriously considering becoming a market maker in crypto.

Griffin, however, retains a healthy dose of skepticism when it comes to cryptocurrencies.

In February, he said that he did not understand the economic underpinnings of cryptocurrencies:

I don't see the economic underpinning of cryptocurrencies. I understand how to value a stock — the net present value of earnings. I understand how to think about currency-exchange rates around the world.

In November, Griffin enraged crypto fans by outbidding them to win an audition for a rare copy of the U.S. Constitution.

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