Crypto Biz: Another billionaire admits he was wrong about Bitcoin, Feb. 25-Mar. 3
After spending years ridiculing Bitcoin and cryptocurrency, Wall Street’s billionaire class is finally warming up to the idea of virtual assets powering the digital economy. This week, Citadel founder and billionaire Ken Griffin formally backtracked on his anti-crypto stance as he announced that his firm would begin offering digital assets to its clients. Of course, Griffin isn’t the only wealthy investor to have a change of heart, so we’re not going to bust his chops too much.
So, while crypto analysts continue to debate about whether we are in a bull or bear market, institutions, venture capitalists and ordinary people continue to adopt digital assets. As we see in Eastern Europe, trustless money like Bitcoin offers a unique value proposition in times of geopolitical uncertainty and conflict.
Citadel Securities, the multi-billion dollar hedge fund manager, will soon be offering cryptocurrency investments after company founder Ken Griffin admitted he was wrong about the asset class. “It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies,” he told Bloomberg Wealth in an interview. It was not even five years ago that Griffin was warning people about Bitcoin being a massive bubble akin to Tulip mania in the 1600s. I doubt anyone is seriously comparing Bitcoin with the Dutch tulip bubble anymore, but if you still have doubts, read this article.
Digital Currency Group, better known as DCG, has announced it will repurchase up to $250-million worth of shares for several Grayscale investment products — chiefly the Litecoin, Zcash and Horizen Trusts. Although the venture capital firm didn’t specify why it was repurchasing shares, CEO Barry Silbert tweeted separately on
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