Name Price24H (%)
Bitcoin (BTC)
$5,594.35
0.89%
Ethereum (ETH)
$175.72
1.27%
XRP (XRP)
$0.51
6.78%
Litecoin (LTC)
$42.53
1.5%
IOTA (MIOTA)
$0.412923
0.47%
Bitcoin Interests none says Billionaire Investor
News

Bitcoin Interests none says Billionaire Investor

(Last Updated On: July 23, 2018)

Ken Griffin , hedge fund manager at citadel stated that these days none of the portfolio manager he knows is keen in crypto currency. He at Alpha Conference in New York said :

I don’t have a single portfolio manager [of mine] who has told me we should buy crypto, not a single portfolio manager. I have a hard time finding myself wanting to be in the position of being a liquidity provider to a product that I don’t believe in. I still scratch my head about bitcoin.

Has The Crypto Splendour Ended ?

With what Griffin said it is evident that Citadel -one of the world’s largest alternative asset managers ,will not opearte as a liquidity provider for bitcoin because he himself not believe in it. Although he remained away from highlighting the specific traits of bitcoin which led him to disapprove it. It seems that bitcoin being decentralized and absence of backing from centralized institutions are the culprit.

Griffin’s view has been supported by Former Goldman Sachs CEO Lloyd Blankfein previously but he remarked that skeptics who believe bitcoin, as a consensus currency, has no chance at all to compete with reserve currencies or fiat money are simply arrogant.

Blankfein, at the Economic Club of New York conference stated :

If you go through that fiat currency where they say this is worth what it’s worth because I, the government, says it is, why couldn’t you have a consensus currency?

Chris Yoo, Black Square Capital Management hedge fund manager clarified that BlackRock’s interest towards crypto could lead to a surge in the price of digital assets. He said :

As the largest asset manager in the world, its interest in crypto assets could be a catalyst for upward price movement and encourage other asset managers, even with more conservative strategies, to seriously explore investing in the crypto space

Its is noteworthy that hedge funds and financial institutions are required to facilitate the demand from their consumers if basic necessities such as regulatory compliance and risk management can be ensured. If in case FOMO ( Fear Of Missing Out ) is initiated among institutional investors  minor and major hedge funds may climb at the forefront of cryptocurrency sector for an emerging and fast paced asset class .