Citadel CEO Compares Crypto with Works of Abstract Artists

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Kenneth C. Griffin, CEO of hedge fund Citadel, has compared cryptocurrencies to abstract art. He has also said that his company will enter the digital asset market as a liquidity provider, Reuters reports.

He has said at the Milken Institute think tank conference:

“Given the growth of institutional interest in cryptocurrencies, I think it is reasonable to expect that we will be more actively involved in this industry, providing liquidity to institutional and possibly retail investors.”

According to Griffin, in spite of his skepticism about cryptocurrencies, he has recognized their value. The billionaire has compared these digital assets to his collection of US abstract paintings, noting that Bitcoin is only worth as much as people are willing to pay for it. He has said:

“Why is the painting worth $10 million? This is oil on canvas. So value is in the eye of the beholder.”