Break your thigh! Wall Street pro regrets not buying Cryptocurrency in the bear market, but consider being a market maker?

From Doubt to Acceptance: The Changing Trajectory of the Cryptocurrency Market

Ken Griffin is a well-known Hedging fund giant on Wall Street, who has publicly criticized Crypto Assets in the past. Now, this financial elite, with a net worth of $3.04 billion, regrets not investing in the encryption market early. Griffin admits that he used to describe Crypto Assets as a 'call to holy war' against the US dollar, but now he considers Crypto Assets to be one of the most remarkable stories in the financial industry in the past 15 years.

This change in attitude reflects the overall trend of the financial industry gradually shifting from questioning to accepting cryptocurrencies. In the early days, many TradFi leaders had strong doubts about cryptocurrencies and considered them speculative financial instruments. However, with the continuous development of blockchain technology and the increasing importance of cryptocurrencies in the global financial ecosystem, more and more financial professionals are beginning to reevaluate this emerging market. Griffin's public transformation is a microcosm of this trend.

He admitted that traditional financial institutions can no longer ignore the millions of cryptocurrency supporters worldwide.

Transformation of Financial Giants' Strategies

As the CEO of Citadel Securities, Griffin's company currently accounts for about 40% of the volume of daily retail trading in the United States, making it a pivotal player in the financial infrastructure. Despite previously being reserved about encryption currencies, he now says he must seriously consider becoming a market maker in the encryption market. Behind this strategic transformation is a reassessment of the potential of the encryption market. Griffin pointed out that in order to help institutions and investors solve portfolio allocation issues, Citadel has to face up to this financial innovation of encryption currencies.

It is worth mentioning that Citadel's commodity trading division has already generated approximately $40 billion in profits this year, mainly from natural gas trading, demonstrating the company's strong financial strength, even without making a large-scale entry into the encryption industry. The hedging fund led by Griffin continues to perform exceptionally well in the TradFi industry. Interestingly, in 2021, Griffin purchased a first edition of the US Constitution document for $4.32 million, which itself was related to the cryptocurrency community. At that time, ConstitutionDAO attempted to crowdfund the purchase of this document, although it ultimately failed, it still left an immortal legacy. The $PEOPLE Token represents the stake in the bidding and has now become a symbol of the historical significance of this project.

Image source: Cryptechie ConstitutionDAO initially raised funds to purchase the first edition of the U.S. Constitution document.

TradFi meets digital assets

Griffin's attitude change reflects the increasing acceptance of Cryptocurrency and blockchain technology in the entire financial industry. He admitted that he used to focus only on stock valuations and global Exchange Rate, with limited understanding of the economic fundamentals of Cryptocurrency, regretting not positioning some Cryptocurrency during the Bear Market. However, as the digital asset market continues to expand, more and more leaders in TradFi are starting to reassess their strategies. In fact, Griffin has already begun to consider the possibility of collaborating with the digital asset industry in the coming months at Citadel, symbolizing the gradual breakdown of the wall between TradFi and emerging digital assets. Behind this transformation is a deep consideration of the long-term development potential of Cryptocurrency.

Griffin said bluntly that he still has some skepticism about cryptocurrency, but he cannot ignore the fact that this market has attracted a huge user base and investor community.

This open and pragmatic attitude may be the key to maintaining competitiveness for top financial leaders. With the continuous advancement of technology and the gradual clarification of regulatory environment, Crypto Assets are gradually moving from a marginalized financial innovation to the core of the mainstream financial system.

【Disclaimer】The market is risky, and investment should be cautious. This article does not constitute investment advice. Users should consider whether any opinions, views, or conclusions of this article are applicable to their specific situation. The responsibility for investment lies with the individual.

'Break a leg! Wall Street pro regrets not buying more Cryptocurrency in the bear market, but could consider becoming a market maker?' This article was first published in 'Crypto Assets City'