Ken Griffin Admits He Was Wrong About Bitcoin

Ken Griffin Admits He Was Wrong About Bitcoin


The Founder and CEO of Citadel LLC – Ken Griffin – has been among the biggest critic of the cryptocurrency industry in the past few years. However, in his most recent appearance, he admitted being wrong about the asset class and that he now sees its merits.

‘I Haven’t Been Right on This Call’

It is safe to say that the digital asset sector has formed two opposite teams: industry supporters and critics. The American billionaire – Ken Griffin – has been part of the second club, as he believed that bitcoin and the altcoins could harm the American dollar. At one point, he even said it is a “Jihadist call” that some would choose BTC over the US national currency.

In a recent interview for Bloomberg, though, Citadel’s executive made a U-turn. He noted that crypto has been “one of the great stories in finance over the course of the last years” and that the current market capitalization of the asset class is almost $2 trillion. As such, Griffin admitted not being “right on this call.”

He further predicted that many businesses will open their arms to the cryptocurrency universe in the months to come. Despite still having doubts about the industry, though, Griffin said his company is looking for a way in:

“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 have to give serious consideration to being a market maker in crypto.”

The American started softening his harsh stance on the digital asset sector in November 2021. Back then, he forecasted that Ethereum could become the most dominant cryptocurrency project. Nevertheless, he argued that Bitcoin is too harmful to the environment, has low transaction speed, and is vulnerable to fraud.

Ken Griffin
Ken Griffin, Source: Bloomberg

Who Else Changed Their Viewpoint on Crypto?

Kevin O’Leary is among those who bashed the digital asset space but is currently part of the ecosystem. In 2019, the TV host labeled bitcoin as “useless currency” and “garbage.” However, in 2021 he changed his stance, saying he respects the asset. Shortly after, he turned into a BTC hodler, allocating 3% of his portfolio.

The notorious former stockbroker, known as the Wolf of Wall Street – Jordan Belfort – is another individual part of that club. While in 2018, he predicted that bitcoin “is going away,” in 2021, he praised the merits of the primary cryptocurrency and envisioned a price of $100,000 by the end of the year.

Featured Image Courtesy of Yahoo

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