Citadel CEO Calls Bitcoin A “Head Scratcher”

Jul 18, 2018 at 09:45 Update Date :Jul 18, 2018 at 09:45 UTC

CEO and Co-founder of Citadel Hedge fund, Ken Griffin, reiterated on Bitcoin (BTC) in an interview on Wednesday.

While delivering a speech at Delivering Alpha Conference in New York, Ken agreed that he still “still scratch[es] [his] head” about the digital token and advised the younger generation to refrain from investing in digital currencies and do something more productive.

Ken is estimated to have a net worth of $9 billion. His hedge fund firm, which was founded in 1990, manages more than $30 billion in assets.

To prove his point, Griffin said, “I don’t have a single portfolio manager who has told me we should buy crypto, not a single portfolio manager.”

Additionally, the billionaire announced that his company is facing difficulty in deciding whether to be a liquidity provider for something he “[does not] believe in”.

In November, Griffin issued a similar statement, stating that he is concerned about people who are hyped by the Bitcoin bull while lacking an understanding of Blockchain, saying

“I get very worried that people that are buying Bitcoins don’t really understand what they’re participating in other than the headline stories that it keeps going higher and I want to make sure I don’t miss this opportunity to make some money.”

He even compared Bitcoin to “Dutch tulip bulb mania” in the 1600s.

However, other wall street giants have welcomed the cryptocurrencies. At the start of this week, Blackrock announced that it is setting working group to study cryptocurrencies.

Furthermore, Point72 Asset Management hedge fund invested in the Autonomous Partners crypto and blockchain hedge fund.

Leave a Reply

Please Login to comment
Notify of