Citadel Plans To Enter Crypto Markets, CEO Ken Griffin Says

Time Stamp: March 5, 2022 9:01 AM
Source Node: 1199567

Citadel plans to enter the crypto markets according to Bitcoin skeptic CEO Ken Griffin, who hasn’t been keen on crypto for a long time so let’s read more in today’s latest cryptocurrency news.

Ken Griffin stated:

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

The CEO and founder of financial services company Citadel, Ken Griffin, talked about crypto and his company to enter the crypto markets while he has been a long-time bitcoin skeptic. He described the rush to embrace crypto as a “jihadist call” against the US dollar and he even said that BTC has many of the elements of the tulip bulb mania:

 “I get very worried that people that are buying bitcoins don’t really understand what they’re participating in.”

citadel
Source: the Financial Times

Citadel plans to enter the crypto markets now after Griffin made headlines when he purchased a rare copy of the US constitution at a Sotheby’s auction with $43.2 million and beat ConstitutionDAO. He was asked about the plans of Citadel to trade or make markets in crypto and he said:

 “To the extent that we’re trying to help institutions and investors solve their portfolio allocation problems, we have to give serious consideration to being a market maker in crypto.  It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.”

Founded in 1990, Citadel has two primary business operations. The first is Citadel as one of the biggest hedge funds that have more than $38 billion in assets under management. The other one is Citadel Secrutieis as the largest market maker in stocks, interest rate swaps, and options for retail and institutional clients. The company handles 40% of the stocks trades in the US. Griffin also said that he has not been right about the crypto call:

“Crypto has been one of the great stories in finance over the course of the last 15 years. 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.”

He did clarify that he is still a bit skeptical but there are thousands and millions of people in the world that can disagree with that.

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