Citadel Securities Will Engage In Crypto This Year: Ken Griffin

Zinger Key Points
  • The CEO of Citadel Securities, Kenneth Griffin, says the firm has given serious consideration to being a market maker in crypto.
  • Griffin believes Bitcoin will be replaced by Ethereum and the “next-gen” of cryptocurrencies.

Kenneth Griffin, the founder and CEO of the hedge fund Citadel and founder of the market maker Citadel Securities, says the latter firm is likely to move into market making for cryptocurrencies this year.

What Happened: Griffin said in an interview with Bloomberg he was wrong about Bitcoin BTC/USD and the wider crypto market given the fact that the industry’s market cap today exceeds $2 trillion.

“The crypto market today has a market capitalization of about $2 trillion in round numbers, which tells you that I haven’t been right on this call,” said Griffin.

The Citadel CEO went on to note that while he still has his skepticism, there are “hundreds of millions of people” that disagree with that today.

Citadel Securities has given serious consideration to being a market maker in crypto, said Griffin.

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

Also Read: 8 Companies That Accept Ethereum As Payment

Griffin, who outbid a group of crypto investors with a $43.2-million purchase of a first-edition copy of the U.S. Constitution, recently asserted that he believes Bitcoin will be replaced by Ethereum ETH/USD and the “next-gen” of cryptocurrencies.

Price Action: At press time, Bitcoin was trading at $44,654, gaining 1.2% in the last 24 hours. Ethereum traded at $3,000, gaining 2.93% over the same period.

Photo: Courtesy of Crypto360 on Flickr.

Posted In: citadelcitadel securitiesKen GriffinKenneth GriffinCryptocurrencyNewsMarkets

Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.

All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.

Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.

Rate collection and criteria: Click here for more information on rate collection and criteria.