Billionaire Citadel Securities founder compares crypto value to abstract art

cointelegraph.com:

Billionaire Citadel Securities founder Ken Griffin has compared cryptocurrency to abstract art, opining that the value of both is derived from the eye of the beholder.

Griffin — who Forbes estimates to be worth around $26 billion — has made numerous anti-crypto comments and urged others away from it in the past, but appears to have gradually softened his stance over time. He also said that Citadel will make a play once it can do so in a compliant manner.

Speaking on the value of crypto at the Milken Institute Global Conference in Los Angeles on May 2, Griffin drew comparisons with his collection of “American abstract art", noting that:

While he may never become a full-blown proponent, Griffin appears to be at least happy to sit on the fence on a personal level as his market-making firm works to roll out crypto services.

In that regard, he also noted that “the institutional increase in interest in cryptocurrency,” helped sway the firm, and may see it provide “liquidity to institutional, and potentially retail, investors.”

In terms of Citadel’s views on crypto, Griffin said it was a “great hotspot topic of debate” and suggested that the younger portion of his colleagues are the ones pushing for the company to make a play:

Still, Griffin outlined that the company will take its time to conduct due diligence before making any official moves, as he paid particular focus to the supposed threat of North Korea.

Griffin in general has held highly skeptical views towards the crypto sector, going as far as to describe Bitcoin (BTC) as a “jihadist call” against the U.S. dollar back in October.

However, he did also outline that he sees blockchain as “really interesting technology,” despite failing to see its value and argued that