Cryptos worth is what people perceive them to be worth, says Citadel founder

The founder & Billionaire of Citadel LLC passed some positive statements on Cryptocurrencies.

Citadel LLC is formerly known as Citadel Investment Group. It is an American multinational hedge fund and financial services company. At present, the company manages around more than $38 billion worth of funds. The company was founded around 22 years ago by Kenneth C. Griffin. In the past, Griffin passed many negative statements against Cryptocurrencies and also warned people to remain away. 

On 3 May, During a speech at Milken Institute Global Conference in Los Angeles, Ken Griffin, Billionaire & Citadel Securities founder, compared the value of the crypto assets with his collection of “American abstract art”. 

He said:

“Why is a painting worth $10 million? It’s oil on canvas. So value is in the eyes of the beholder.”

Citadel founder also noted that demand for Cryptocurrencies among institutional investors is increasing day by day and these are creating opportunities for his company to play a vital role to provide liquidity to such institutions and maybe for retail investors.

He added:

“I have to live with the reality that an asset’s worth what people perceive it to be worth.”

Citadel founder also shared the point of view of Citadel company on Crypto and noted that discussion about the crypto was under “great hotspot topic of debate”, which noted that Cryptocurrencies are a great idea to introduce in services because of their roles in the financial economy.

“They’re big believers. They believe that cryptocurrency has an important role in the global economy as a means of facilitating payment in a web3 world.”

In this way, Citadel’s founder indirectly hinted that he is not much happy with Cryptocurrencies but still his company seems bullish to go with crypto inclined services because of demand and ability to perform a better function in the financial systems.

At present, Citadel is waiting to have better legal clarity on the crypto and blockchain industry, to provide crypto-related services to the clients.

Read also: Crypto assets backed property loans for the long term is an issue: Weiss Ratings