- Over the next several months, Griffin intends to include crypto assets.
- The billionaire investor said ETH would ultimately replace Bitcoin.
It’s expected that Citadel, a prominent American hedge fund and financial services provider, would begin operating in the cryptocurrency market in 2022. According to Ken Griffin, founder of Citadel, markets are at a “very volatile inflection point” due to recent geopolitical events, as he discussed on Bloomberg Wealth with David Rubenstein. This year, the business plans to become involved in crypto-asset markets, according to Griffin, who earlier cautioned the younger generation to stay away from them and declared “there’s no need for cryptocurrencies.”
Switch From Naysayer Camp
In an interview with Bloomberg Wealth, Griffin said that he had been in the “naysayer camp” when investing in digital assets. The previous 15 years have seen the emergence of cryptocurrency as a powerful financial narrative, he said.
Griffin added:
“And I’ll be clear, I’ve been in the naysayer camp over that period of time. 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.”
One of Citadel’s primary focuses is providing capital partners with market-leading investment returns. Over the next several months, Griffin intends to include crypto assets in these methods.
Citadel Securities reported in January that Sequoia Capital and Paradigm, two notable crypto venture capital companies, had invested $1.15 billion in the company. As a result of the investments, Citadel, which presently manages $38 billion in assets, was assessed at $22 billion. Aside from praising Ethereum, the billionaire investor went on to say that it would ultimately replace Bitcoin, which has a more negative effect on the environment, as a means of storing value.
