In an interview with CNBC this week’s Wednesday, the founder and CEO of citadel hedge fund, ken Griffin, spoke ill of the new technology(blockchain) for the 2nd time.
It all happened while he was delivering his speech at the Alpha conference in New York city. Here, he accepted that he is ignorant of the blockchain technology and totally confused about it’s whole concept. Afterwards, he continued with giving the the younger generations an advice never to depend on digital currencies for livelihood, rather they should come up with something productive.
He backed up his point of view by saying that none of his business partners nor clients had ever thought of investing in cryptocurrencies, yet they can be called Billionaires today, in his speech:
“I don’t have a single portfolio manager who has told me we should buy crypto, not a single portfolio manager.”
The multi-billionaire however confessed that his company is still deliberating on whether to add cryptocurrency or not, he concluded by saying that there’s no need for cryptocurrencies, finally calling it a solution in search of problems.
Like I said from the beginning, this was the 2nd time Griffin made this same statement to the public. The first one he said was in late 2017, then, he was comparing digital currencies with the “Dutch Tulip Bulb Mania” in the 1600’s saying that it will all end in tears.
Now, about Citadel Hedge fund, it was founded by Griffin himself in the year 1990. The firm has seen significant growth throughout it’s existence, currently, it is managing over $30 billion worth of assets. It is one of the oldest hedge funds in the world(over 20 years of existence). Other hedge funds company have diverted into using cryptocurrency. The latest of them all is that of, Billionaire Steven Cohen’s who reportedly agreed to have invested in one of the autonomous partners in crypto and blockchain-focused hedge fund, earlier this week .
However about the largest asset manager, Blackrock, which recently announced it’s interest in participating in the crypto industry, therefore works towards it by setting up a working group to estimate the benefits of involvement in Bitcoin.