Billionaire Ken Griffin takes back comments on Bitcoin, reveals Citadel Securities' crypto plans

Ken Griffin took back his comments on Bitcoin being tulip mania. Griffin has changed his outlook on Bitcoin and cryptocurrencies and revealed Citadel Securities' plans to invest in digital assets. 

Institutional investors pour capital into crypto in 2022

Citadel Securities is a leading global market maker, led by billionaire founder Ken Griffin. Griffin had warned investors and recommended that they stay away from cryptocurrencies. 

In November 2017, Griffin said, 

Bitcoin right now has many of the elements of the tulip bulb mania we saw back hundreds of years ago in Holland. These bubbles tend to end in tears. And I worry about how this bubble might end.

The founder has changed his outlook on Bitcoin and cryptocurrencies. Griffin took back his critique of crypto and said, 

It’s fair to assume that over the months to come, you will see us engage in making markets in cryptocurrencies.

Griffin acknowledged that crypto is one of the great stories in finance over the past decade. Several institutions have poured capital into crypto since the beginning of 2022. 

Recent filings at the US Securities and Exchange Commission (SEC) have revealed 160 firms ventured into crypto investments within the first two months of 2022. In the last quarter of 2021, the number of SEC 13F filings was 60. 

The overall crypto market capitalization now exceeds $2 trillion. Bitcoin has posted double-digit gains, recovering from the bloodbath. Bitcoin price has exceeded $44,000, fueling a bullish outlook among investors. 

FXStreet analysts have evaluated the Bitcoin price trend and predicted that the asset could hit $50,000. Analysts believe that Bitcoin price is on track to hit $50,000 and the uptrend could continue through the week.