Kenneth Griffin, the founder and CEO of the hedge fund Citadel and founder of the market maker Citadel Securities, says the latter firm is likely to move into market making for cryptocurrencies this year.
What Happened: Griffin said in an interview with Bloomberg he was wrong about Bitcoin (CRYPTO: BTC) and the wider crypto market given the fact that the industry’s market cap today exceeds $2 trillion.
“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,” said Griffin.
The Citadel CEO went on to note that while he still has his skepticism, there are “hundreds of millions of people” that disagree with that today.
Citadel Securities has given serious consideration to being a market maker in crypto, said Griffin.
"It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies," he noted.
Also Read: 8 Companies That Accept Ethereum As Payment
Griffin, who outbid a group of crypto investors with a $43.2-million purchase of a first-edition copy of the U.S. Constitution, recently asserted that he believes Bitcoin will be replaced by Ethereum (CRYPTO: ETH) and the “next-gen” of cryptocurrencies.
Price Action: At press time, Bitcoin was trading at $44,654, gaining 1.2% in the last 24 hours. Ethereum traded at $3,000, gaining 2.93% over the same period.
Photo: Courtesy of Crypto360 on Flickr.
