The persistent success streak of the crypto trade through the years of its existence has been selling extra skeptics to have a change of coronary heart. Ken Griffin, the founding father of Citadel Securities, has been the newest to come back over to the aspect of the burgeoning trade.
Citadel Securities plans to spend money on crypto
Whereas talking with Bloomberg, the billionaire hedge fund supervisor admitted that his stance about crypto has been flawed. Griffin famous that the trade had confirmed itself to be right here to remain, debunking his beliefs about it.
Griffin mentioned:
Crypto has been one of many nice, nice tales in finance over the course of roughly the final 15 years and, I’ll be clear, I’ve been within the naysayer camp over that 15 yr interval.
He said that whereas he nonetheless had his reservations in regards to the trade, the trade’s $2 trillion market cap was arduous to disregard. The veteran investor added that he can be exploring the trade via his hedge fund, Citadel Securities.
Citadel Securities is without doubt one of the US’s largest market-makers with a valuation of over $28 billion in response to Bloomberg. Griffin said that Citadel Securities will partake in market-making actions within the crypto marketplace for its shoppers which incorporates asset managers, banks, broker-dealers, hedge funds, authorities businesses, and public pension applications.
Prior to now, Griffin had been a vocal critic of cryptocurrencies. He has in contrast Bitcoin to the historic Tulips Mania. As early as final yr, he commented that the rising crypto adoption was akin to a “Jihadist name” as crypto proponents gave the impression to be decided to undermine the worldwide reserve foreign money standing of the US greenback.
The crypto market is anticipating extra mainstream adoption
The crypto market has nonetheless welcomed Griffin’s change of stance because it has embraced different skeptics earlier than him. In a tweet, crypto proponent, Anthony Pompliano, famous that the market was anticipating much more traders to capitulate on crypto.
Ken Griffin has formally confirmed that Citadel will begin making markets in crypto within the coming months.
Finally all of them capitulate.
— Pomp 🌪 (@APompliano) March 1, 2022
Earlier crypto skeptics who’ve crossed over embody Kevin O’Leary of Shark Tank fame, CEO of MicroStrategy Michael Saylor, and famed controversial investor Jordan Belfort, popularly often known as the Wolf of Wall Avenue.
With the rising adoption and market worth, market expectations are additionally that regulatory readability will quickly be gotten for the trade.