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well i mean like look who doesn't have like some regret having not bought bitcoin back at a dollar you know i i wish i'd known apple from when i was a child too but i don't so there's always you know all i know is that if i could replay history we would have done much better billionaire ken griffin bitcoin will see a new ath after this happens ken griffin has come a long way from being a skeptic and anti-cryptocurrency to giving analysis on bitcoin welcome to bitcoin breaking news ken griffin ceo of investment firm citadel and the prominent crypto detractor seems to have softened his stance on digital currencies previously griffin characterized cryptocurrency as a jihadist call against the dollar i mean let's face it it's a jihadist call that we don't believe in the dollar you can compare bitcoin to the tulip frenzy in november 2017 a situation in which the dutch tulips were the first speculative asset to skyrocket in prize and then crash hard he criticized the devotion to cryptocurrency he said i wish all this passion and energy that went into crypto was directed toward making the united states stronger first and foremost i wish all this passion and energy that went into crypto was directed towards making the united states stronger said in a conversation with bloomberg's eric schatzer on the economic club of chicago i mean 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 which helps to make our standard of living a reality and accrues incredible benefits back to our country however earlier this year he has since softened his stance on cryptocurrency so crypto has been one of the great great stories in finance over the course of roughly the last 15 years and and i'll be clear i've been in the in the naysayer camp over that 15-year period of time but the crypto markets today have a market capitalization of about two trillion dollars in round numbers which tells you that i haven't been right on this call over the course the last 15 years cryptocurrencies have rapidly garnered mainstream attention in the last two years with the total market cap hitting two trillion dollars in august 2021 several institutions have poured capital into crypto since the beginning of 2022.
recent filings at the u.s securities and exchange commission or sec have revealed that 160 firms ventured into crypto investments within the first two months of 2022. in the last quarter of 2021 the number of sec 13f findings was 60. citadel securities is exploring becoming a market maker in cryptocurrencies according to griffin who told bloomberg that the firm is seeking to help institutions and investors handle portfolio allocation difficulties this means griffin who has a net worth of little over 30 billion dollars claimed that while he still has reservations about cryptocurrency the growing number of proponents has prompted him to investigate the industry through citadel securities the united states largest market maker i still have my skepticism he said but there are hundreds of millions of people in this world today who disagree with that i still have my skepticism but there are hundreds of millions of people in this world today who disagree with that and so 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 and i think it's fair to assume that over the months to come you will see us engage in making markets and cryptocurrencies kelly brennan head of etf for citadel security said that the wall street trading firm was waiting for regulatory approval in order to launch such a product a far cry from the person who told cnbc that he doesn't spend much time thinking about cryptocurrencies the change in heart shows the 40 trillion dollar crypto market is here to stay not so skeptical anymore we see with a change of heart in his cryptocurrency views he gives analysis on the prospect of bitcoin reaching an all-time high when asked by bloomberg about his take on crypto his first response was well i mean like look who doesn't have like some regret having not bought bitcoin back at a dollar all right so some of my colleagues are very excited about crypto and they're excited about it for a litany of legitimate reasons you'll see citadel securities start to make markets and cryptocurrencies i think in doing so you'll you'll see another very responsible participant in the market that creates liquidity highlighting the problem of cryptocurrency he cited the catastrophe of terra luna as a wake-up call to dc you think that the terror luna just catastrophe should be a wake-up call to dc to actually focus on thoughtful regulation and in particular stable coin by virtue of its name almost demands being appropriately regulated by changing his stance on crypto ken griffin joins the list of billionaires who were formerly anti-cryptocurrency but later changed their stance in one way or another the legendary investor and chairman of berkshire hathaway warren buffett famously referred to crypto as rat poison and an unproductive asset that has no unique value at all in 2018 prophet was confident that crypto will come to a bad ending in an interview with cnbc in terms of cryptocurrencies generally uh i can say almost with certainty that that they will come to a bad ending now when it happens or how or anything else i don't know but i used his own words when he invested one billion dollars in crypto friendly new bank although his longtime business partner and berkshire hathaway vice chairman charlie munger is suspicious referring to cryptocurrency such as bitcoin as a venereal disease and beneath contempt well i certainly didn't invest in crypto i'm proud of the fact i've avoided it it's like you know some venereal disease or something i just regarded as beneath contempt munger said during the publisher daily journal cork's annual meeting where munger serves as chairman jamie dimon ceo of jp morgan chase shocked the crypto industry when he publicly dubbed bitcoin a fraud causing the price to plummet by 20 in 2018 people questioned if he rarely meant it and some even accused him of market manipulation once reports broke that jp morgan traders were using offshore accounts to buy bitcoin during the fall despite the fact that his organization provides access to crypto money for its clients demon stated in a 2021 interview with cbs boston that he will protect people's ability to invest in cryptocurrency that will not do so himself so while he does not own or trade one his company does however it appears that he is still unbiased and steadfast in his opinions now blockchain is real it's we use it for certain things parts of d5 real those when you say cryptocurrency has no intrinsic value you're basically buying a token why it has a lot of that i don't know and i think there's so much speculation taking place in stocks and securities and crypto and stuff like that i'd be very careful and i defend people's right to do in the free country i'm not going to do it mark cuban a shark tank celebrity and billionaire was likewise skeptical of cryptocurrency at one point he never denied its mechanics but he believed they were overly convoluted in an email to forbes two years ago he wrote that bitcoin is too difficult to use too easy to hack way too easy to lose too hard to understand too hard to assess a value he added that he'd rather have bananas i can eat bananas since the introduction of nfts it appears that cuban has had a change of heart mark admitted to owning a varied crypto portfolio during a recent speaking engagement at the north american bitcoin conference saying that he got into crypto when he coined his first nft a year ago until this past year probably about a year ago when i admitted my first nft and that's when it really struck me the value of smart contract and so from there being somebody who looks at technology and tries to find new ways to apply it that's really what got me excited so now cuban refers to himself as a crypto evangelist and he's a big believer in the concept carl icahn a billionaire financier was another crypto skeptic he called cryptocurrencies ridiculous in 2018 but was humble enough to acknowledge that he probably felt that way because he didn't understand them concerned about its regulation and scared to take the risk he added that he wouldn't touch that stuff and just three years after these statements ikan said that thinking cryptocurrency doesn't have any underlying value is a little wrong-headed as he deliberated a 1.5 billion dollar investment in crypto in may 2021 howard marx a well-known investor previously declared that cryptocurrency was an unfounded fan but now claims to have changed his mind calling it a knee-jerk reaction without information he's late to the party but he's relieved that his son thankfully owns a meaningful amount of bitcoin investors predict that more mainstream use will increase the bitcoin price by about one thousand five hundred percent over the next decade right josh howarth the only thing that appears to have prevented these crypto skeptics from accepting digital currency with their conventional mindset and fear of the unknown i i'd like to see thoughtful regulation i'd like to see the sec really carve out their view on what is the security what is in the security the market i think after all these years deserves certainty in that dimension and then just as we have daily disclosures of the etf holdings we should have periodic disclosure of what backs the stable coins it's better to be late than never as the adage goes this brings us to the end of the video thanks for watching don't forget to like and subscribe click on the bell icon for notifications you
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