It’s always refreshing to see someone change their minds about crypto, and in the case of billionaire Ken Griffin, he has gone from a negative Nancy to a believer.
Ken Griffin Stands Behind BTC
It wasn’t long ago when Griffin was advising all his followers and listeners that bitcoin was a space to avoid. Not long ago, he purchased a copy of the American constitution for roughly $40 million and beat out Constitution DAO, a crypto group that sought to purchase the item with digital assets. The organization spent weeks garnering donations from traders and investors everywhere through social media, but ultimately came up short when compared to Griffin.
He stated not long ago:
I wish all this passion and energy that went to crypto was directed towards making the United States stronger. It’s a jihadist call that we don’t believe in the dollar. What a crazy concept this is, that we as a country embrace so many bright, young, talented people to come up with a replacement for our reserve currency.
At press time, Griffin is ranked number 41 in Bloomberg’s Billionaires Index, and his overall net worth exceeds $30 billion. He is also the founder of Citadel Securities. Given his wealth and status, he’s clearly a powerful person, so the idea that he’s now shifting towards liking crypto and everything it has to offer should really give traders something to be pleased about.
In a recent interview, Griffin stated that he’s reevaluated his initial thoughts on bitcoin. He says he was wrong, and he’s looking forward to starting fresh in the world of digital assets. He says:
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, 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.
Changing One’s Mind Is Important
He says that his change has been somewhat gradual. He’s not a full believer yet and still has a few doubts here and there, though he’s coming around in many ways. He commented:
I still have my skepticism, but there are hundreds and millions of people in this world today who disagree with that. To the extent that we’re trying to help institutions and investors solve their portfolio allocation problems, we need 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.
While it may seem like all is well and good, some traders are not too happy with Griffin given that they believe his company Citadel may have been behind the creation of meme stocks that ultimately caused Robinhood to suspend trading in early 2021.