Speaking at the Delivering Alpha Conference in New York, CoinTelegraph's Helen Partz reports that Griffin admitted that he “still scratch[es] [his] head" about Bitcoin, claiming that the younger generation should “do something more productive than invest in digital currencies.”
To prove his point of view, the billionaire pointed out that none of his clients have ever suggested investing in cryptocurrencies:
"I don’t have a single portfolio manager who has told me we should buy crypto, not a single portfolio manager.”
Griffin further declared that his company is having a “hard time” deciding whether it should be a liquidity provider for a product that he “[does not] believe in,” adding
“There’s no need for cryptocurrencies. They’re a solution in search of a problem.”
In late 2017, Citadel’s Griffin had made a similar statement about Bitcoin, comparing the top cryptocurrency with the “Dutch tulip bulb mania” in the 1600s and noting that “these bubbles tend to end in tears. And I worry about how this bubble might end."
Founded by Griffin in 1990, the Citadel hedge fund manages over $30 billion of assets. The global financial institution is one of the oldest hedge funds in the world, being only one of three percentof hedge funds that have been working for more than 20 years.
Others on Wall Street have embraced cryptocurrencies in their turn. Earlier this week, the world’s largest largest asset manager BlackRock announced it is setting up a working group to estimate the benefits of involvement in Bitcoin, a turn away from the company’s previous critical stance on cryptocurrency.
Speaking in an interview for the network’s Squawk Box segment, Lasry, whose debt management firm controls around $9.6 billion of assets, saw increasing ease of crypto trading as a major motivator for Bitcoin to rise, noting
“As it gets more into the mainstream, and as more markets end up allowing it to trade where it's freely tradable, to me that's more of the bet.”
Lasry added that he foresaw Bitcoin investors “making 5 to 10 times their money in 3 to 5 years.”
Lasry added in the CNBC interview that the reason he likes Bitcoin is “because it’s the one everybody is going to come to.”
Lasry’s prediction came amid a rapid uptick in Bitcoin’s fortunes, with the coin suddenly rising up to 12 percent July 17 and maintaining new levels above $7,400 since.
Institutional investors have become a significant talking point in recent weeks regarding Bitcoin, with commentators eyeing movement towards the crypto sphere from the likes of investment giant BlackRock as a possible sign major new interest is on the way.
* * *
For now, Bitcoin is up over 20% this week - its best week since December 2017.