At the recent CNBC institutional investor Delivering Alpha Conference, Ken Griffin openly expressed his opinion against the digital assets. While Griffin’s words may be turning a few heads, this is not the first time the billionaire spoke ill of cryptocurrency.
Back in December, when bitcoin surpassed the $1,000 mark, Griffin said the coin fever was a bubble. Unlike many other voices, he believed bitcoin was not a fraud but the bubble would eventually end. At the time, Griffin admitted blockchain technology would eventually have a profound impact in the future world order.
Since then, his opinion seemingly remains the same. Interviewed by business journalist Andrew Ross Sorkin, Griffin let out his true thoughts on cryptocurrencies at Pierre Hotel’s ballroom in New York.
Sorkin teased Griffin, asking him what was he saying to his portfolio managers who wanted to invest in cryptocurrencies. Griffin didn’t hesitate, saying, “I don’t have a single portfolio manager who has told me we should buy crypto. Not a single portfolio manager.”
Surprisingly, the billionaire confessed he has wondered if his company should make markets in cryptocurrencies. However, in the end, he wasn’t able to put money in it, as he says cryptocurrencies are not a product he believes in.
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Crypto Markets See Solid Upswing, Bitcoin Pushes $7,500: Crypto markets are seeing mostly green today, July 21, continuing the momentum of this week’s upswing. The top ten altcoins are solidly regaining strength today, up as much 8 percent, according to Coin360, with Bitcoin (BTC) only slightly in the green, hovering near yesterday’s levels. The top cryptocurrency is currently trading at $7,426 at press time, up just under 1 percent on the day. Bitcoin saw an intraday low of $7,246. Top altcoin Ethereum (ETH) has seen more significant growth over the past 24 hours, up almost 5 percent and trading at $466 at press time. The altcoin is holding weekly gains of almost 8 percent, peaking at over $500 on July 18. Total market capitalization of all cryptocurrencies is hovering around $282-283 bln, currently at $282.7, up about 2 percent over the past 24 hours to press time. Total market cap is down from this week’s peak of almost $300 bln. Among the top ten cryptocurrencies on CoinMarketCap, Stellar (XLM) and IOTA (MIOTA) are up the most on the day, seeing over 7 and almost 5 percent growth respectively.
Other than stablecoin Tether, Cardano (ADA) is seeing the least 24-hour growth of the top ten coins, up only 1.53 percent. Cardano is however seeing major growth on the week, boasting a whopping 23 percent price increase.
Yesterday, July 20, the Chicago Mercantile Exchange (CME) reported that BTC futures daily average volume has increased by 93 percent in Q2 over Q1. The number of open contracts on Bitcoin futures also increased by 58 percent.
This week’s crypto market growth got further encouragement yesterday, July 20, when the CEO of crypto trading platform BitMEX suggested Bitcoin’s current bull run may give way to a price point of $5,000 before heading to $50,000 in 2018.