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Ken Griffin admits that he was wrong about crypto, Citadel set to invest

Updated: Jul 25, 2024
Published: Mar 2, 2022
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The American hedge fund manager and billionaire Kenneth Cordele Griffin is known for its rocky relationship with the crypto industry. However, he recently admitted that he was wrong about crypto.

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Ken Griffin admits he was wrong about crypto

Griffin, who has been a major critic of the crypto space, has been in the headlines for changing his mind and buying up at the last minute a copy of the United States Constitution using highly trending ConsitutionDAO. A DAO or decentralized autonomous organization is a community-based organization that removes the concept of hierarchical structure and aims to be automated and decentralized.

In an interview with Bloomberg Wealth, he admitted that he was wrong about the industry. 

"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 of time," Griffin said.

Citadel plans to invest in digital assets

The Chief executive officer and co-chief investment officer of the multinational hedge fund Citadel LLC, Griffin, has an estimated worth of $30.2 billion and is ranked 41st in Bloomberg's Billionaires Index. Citadel, which aims to transform powerful ideas into action every day, is also planning to invest in the next few months in digital assets.

He has not revealed more information about the kind and amount of investment at the time of publication.

This is not the first time a crypto critic has strategically changed their mind. Previously, American multinational investment bank JPMorgan Chase, whose CEO Jamie Dimon called Bitcoin "worthless," was also a major crypto critic. However, after changing its perspective, it started investing and eventually launched an in-house Bitcoin fund

While critics change their stance on crypto, things are getting interesting for the space as the Russia Ukraine conflict has led to an armed struggle between two nations with usage and adoption during the struggle. 

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