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ken griffin recently hopped on an interview with david rubinstein they talked plenty about his hedge fund citadel and his sister organization citadel securities even more relevant was his new stance on bitcoin we'll take a look at his perspective on crypto over the years to see how and why he changed his mind stick around to the end of the video because we're going to trace the institutional adoption of crypto back into the 2010s to see how it crafted the crypto scene we are witnessing today welcome back to profit protection today's video is covering a recent change of heart that ken griffin founder of one of the largest headphones in the world had about bitcoin on our channel we bring you news and ideas and information about the thought leaders in the financial world we break down the headlines about financial markets cryptocurrency and digital assets from the people who understand them best thanks for tuning back in we appreciate your views and we want to continue bringing you high quality content to both entertain and educate you on your financial journey kenneth c griffin began his journey into the financial realm after graduating in economics from harvard university after some time working for other financial firms griffin began his own hedge fund citadel in 1990 using his knowledge of markets and the value of assets he kept the hedge fund afloat during tough times such as the 2008 financial crisis nowadays citadel is one of the largest hedge funds in the entire world it boasts an impressive asset portfolio of roughly 38 billion dollars having continued to grow citadel is now comprised of multiple entities one in particular is citadel securities citadel securities currently handles about 40 of all stock trades happening in the united states as a market maker as you can tell ken griffin understands markets and how to capitalize on advantages to expands not long ago he appeared on the david rubenstein show to talk about citadel he gave some insight into the strategy on expansion type an order on a computer boom it's executed in fractions of a second and we felt in that world our deep heritage in software engineering and in predictive analytics would led us to be a market maker of the future and one of my partners who who recently retired james yay led that charge for years in the origin story of citadel securities and we became one of the largest market makers newest options in u.s equities and then under pong chao's leadership over roughly the last seven or eight years we've really grown to be a global player pong has done an incredible job of building a team of incredibly gifted people with software engineering skills hardware engineering skills work in machine learning and ai to allow us to manage 25 of the us equity flow every day and it's an incredible testament to him and his team that they've built so much capability under one roof to be such an important provider of liquidity to retail institutional investors so ken griffin is hyper successful knows the market inside and out why has he been on the fence about cryptocurrencies before we listen to his recent comments let's backtrack to see how ken's opinion has changed over time the first time he was asked about his opinion of bitcoin he took a strong stance like many institutional heavyweights he wasn't too keen on the idea of the cryptocurrency itself he even compared it to the tulip bulb mania of holland in 1634 for some context tulips had been recently introduced and widely popularized in holland causing prices to soar to huge levels eventually the bubble burst and the insane price of flowers looked like a foolish mistake for investors here are griffin's complete thoughts from 2017.
it's not the future of currency and i wouldn't call it a fraud either and i think what is happening is people confuse bitcoin with blockchain blockchain is a very interesting technology that will have some very profound applications for society over the years to come bitcoin is a cryptocurrency that relies upon blockchain for how it's transferred between parties bitcoin right now has many of the elements of the toolbar mania that we saw back hundreds of years ago in holland and i get very worried that people that are buying bitcoins don't really understand what they're participating in other than the headline stories if it keeps going higher and i want to make sure i don't miss this opportunity to make some money so is it a fraud no but these bubbles tend to end in tears and i worry about how this bubble might end as you can see griffin recognized the importance of blockchain but was hesitant to recognize the validity of bitcoin cryptocurrency didn't gain any legitimacy in his mind over the coming years in february of 2021 he was still not receptive to the idea of cryptocurrencies this was evident in his comments during a cnbc interview with andrew ross sorkin before i let you go i do have to ask you one question that's uh maybe a little bit off topic but it's something we've been talking about virtually every day on this program for the last several months and that is as an investor bitcoin how do you think about bitcoin today are you invested in bitcoin i i just don't spend much time thinking about cryptocurrencies really no i don't you know i don't i don't see the the economic underpinning of cryptocurrencies i understand how the value of stock net present value earnings i understand how to think about currency exchange rates around the world i don't know how to think about what is effectively a digital token so what changed in the past year how is it that ken griffin has finally come around to accepting the idea and importance of bitcoin there's no way to know exactly when he changed his tune but it was likely sometime during the bitcoin highs of 2021 where the crypto repeatedly shot above 65 000 dollars per bitcoin this happened in february april and november of last year this mass adoption helped ken reframe his view on the digital asset uh you haven't been trading i think or making markets in crypto uh do you expect to do that in the future 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 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 and 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 as you can see the continued mass adoption of bitcoin is proving its impact as it spreads ken griffin owns 85 of citadel his views on digital assets are the final say on what his hedge fund adopts this is a sign of the evolving perspective of corporate thinkers in regard to cryptocurrency ken pointed out that the crypto markets have a market capitalization of about two trillion dollars in round numbers i still have my skepticism but there are hundreds of millions of people in the world today that disagree with that this effectively shows us that as the masses begin to pick up and believe in the power of bitcoin and other cryptos the giants in the field must react to cater to their customers let's look into the path to institutional adoption has been taking place let's take it back roughly five years in 2017 the global derivatives marketplace cme group announced that it was going to begin trading bitcoin futures by the end of 2017.
unsurprisingly executives within the company pointed to strong client demand as the reason for looking into crypto in 2018 another big name dipped its toes into the crypto market goldman sachs began to trade contracts related to bitcoin prices with some of their clients initially for the wealthiest clients goldman sachs also admitted that their change of tune was linked to client demand as 2019 brought further crypto hype into the public's eye unicef became the first organization in the un to accept digital currency donations the crypto is used to fund open source projects to provide aid to children around the world for other examples of ways bitcoin donations are being used for charitable and humanitarian causes check out our video on how crypto donations are saving lives ukraine's fight to defend itself from russia's invasion 2020 was a fast-paced year for cryptocurrency despite society grinding to a halt for pandemic lockdowns a wide array of major companies adopted bitcoin for the client's use such as paypal and square other companies bought large amounts as a store of wealth to hedge against inflation such as microstrategy and mass mutual for more information on microstrategy and its bitcoin holders we recommend you check out the videos we did breaking down the ceo michael saleh's comments as of late he is a huge proponent of bitcoin and carries great insight big news broke in 2021 when the internet's favorite stock tesla decided to buy 1.5 billion dollars worth of bitcoin this followed ceo elon musk's opinion on cryptocurrency that he gladly shared on twitter visa also legitimize bitcoin further by releasing a bitcoin rewards credit card to us residents as you can see the movement to adopt bitcoin has grown larger and larger over the years nearly every single company and organization that decided to take it seriously did so either because their clients were asking for it or because they recognized it as a valuable asset for storing wealth now that even kenneth griffin is on board things are continuing to look up for bitcoin and its holders no one can say for sure how the path of adoption will play out in the future but the evidence is beginning to speak for itself guys we're as thrilled as you are that crypto is finally seeing some success among the big names in finance everyone is hoping that the world wakes up to the great opportunity we have in front of us just remember this channel is not financial advice profit protection is here to provide further education information regarding this field so that you can do proper research thanks so much for tuning back into our channel if you enjoyed this video please hit the like and subscribe button this is the best way to support us so we can continue to bring you analysis in the comments from thought leaders around the financial crypto and digital acid spaces see you next time happy researching
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