Billionaire Investor Says No One Wants to Buy Bitcoin, Market Shows Otherwise

HELLO FRIENDS,

Ken Griffin, a billionaire hedge fund manager at Citadel, has said that not a single portfolio manager he knows is interested in the crypto market.

At the Delivering Alpha Conference in New York, Griffin said:

“I don’t have a single portfolio manager [of mine] who has told me we should buy crypto, not a single portfolio manager. I have a hard time finding myself wanting to be in the position of being a liquidity provider to a product that I don’t believe in. I still scratch my head about bitcoin.”

Product of No Interest
Essentially, Griffin has emphasized Citadel, one of the world’s largest alternative asset managers, will not operate as a liquidity provider for bitcoin because he personally does not believe in the dominant cryptocurrency. While Griffin was unspecific regarding which qualities of bitcoin and cryptocurrencies in general he does not approve of, it is most likely its decentralized nature and the lack of backing from centralized institutions.

Former Goldman Sachs CEO Lloyd Blankfein echoed a similar sentiment as Griffin previously, but stated that skeptics who believe bitcoin, as a consensus currency, has no chance at all to compete with reserve currencies or fiat money are simply arrogant.

At the Economic Club of New York conference, Blankfein said, “If you go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency?,” adding that it is narrow minded to assume bitcoin or crypto in general cannot be a natural progression from fiat money to digital money.
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