In Brief:
Ken Griffin, the founder of Citadel Securities, has joined the ranks of prominent individuals who once were not very convinced about the crypto sector but have learned to appreciate its advantages.
In the past few years, Citadel Securities Founder Ken Griffin was one of the fiercest critics of the cryptocurrency industry. On the other hand, in his latest appearance, he admitted that he was wrong and now sees the advantages of this asset class.
‘I Haven’t Been Right on This Call.’: Ken Griffin
Digital assets have been divided into two opposing teams, which are industry supporters and critics. Ken Griffin – the American billionaire who believed bitcoin and altcoins could harm the US dollar – has been part of the second club. Some choose BTC over the US national currency even as a “Jihadist call,” he once said.
Griffin executives, however, reversed their position in an interview with Bloomberg. A lot has happened in finance over the last few years, and crypto has become one of the most important stories. Its market capitalization is currently approaching $2 trillion. Accordingly, Griffin admits he was wrong on this call.
The next few months will allow many businesses to embrace the cryptocurrency space. Griffin said his company is still trying to find a way into the industry despite its doubts, including:
“I am still skeptical, but I am not alone in my skepticism. There are millions and millions of people in the world today who disagree. In order to help investors and institutions solve their portfolio allocation problems, we need to consider becoming a market maker in crypto seriously”.
As of November 2021, America ceased to take such a harsh stance against digital assets. He predicted that Ethereum would become the most dominant cryptocurrency project. But he also contended that Bitcoin has a low transaction speed, has harmful environmental effects, and is vulnerable to fraud.
Who Else Changed Their Viewpoint on Crypto?
Despite having bashed the digital asset space, Kevin O’Leary is currently involved in it. The TV host called bitcoin “useless currency” and “garbage” in 2019. However, he changed his mind in 2021, saying he respected it. He then became a holder of Bitcoin, allocating 3% of his portfolio to the cryptocurrency.
Jordan Belfort – the infamous former stockbroker known as the Wolf of Wall Street – is another member of the club. While he predicted in 2018, bitcoin would no longer exist, he praised the virtues of the cryptocurrency in 2021, predicting its price to surge to $100,000 by the year’s end.
