Citadel chief likens cryptocurrencies to the works of abstract artists

The chief executive officer of hedge fund Citadel, Kenneth Griffin, compared cryptocurrencies to abstract art. He also said that his firm would enter the digital-asset market as a liquidity provider, Reuters reports.

“Given the growth of institutional interest in cryptocurrencies, I believe it reasonable to expect that we will be more actively involved in this industry, providing liquidity to institutional and, perhaps, retail investors,” he said at a Milken Institute conference.

According to Griffin, despite his skepticism about cryptocurrencies, he has to acknowledge their value. The billionaire compared these digital assets to his collection of American abstract-art paintings, noting that Bitcoin is worth exactly what people are willing to pay for it.

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

The Citadel chief explained that the firm is not rushing to launch crypto services, as it seeks to uphold high standards on issues such as anti-money laundering.

In October 2021 Griffin stated that his company would not back digital assets until the market is properly regulated.

Earlier in April 2022, the billionaire acknowledged that his skepticism about cryptocurrencies had proven misplaced.

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