FoCitadel hedge fund founder and CEO Ken Grsupposing thatfin has admitted which he was wrong about bitcoin. He one time before more revealed which Citadel would look into investing in crypto in the months to come.

American hedge fund manager and billionaire Ken Grgranted thatfin, who has protracted been a critic of bitcoin and cryptocurrencys, has ultimately moved his stance. Grcback whending thatfin offered effusive praise on the asset class in a Bloomberg interview, saying which it is one of the great stories in finance above the course of the last 15 years.

Grsupposing thatfin is the founder and CEO of Citadel, the largest market maker in the U.S., and was involved in the Robinhood-Gamestop incident. He plainly admitted which he was a critic of the asset class during which time and which he has finally come around. He is likewise known for outbidding a crypto-funded venture to purchase a copy of the United States Constitution.

What should be most interesting to market enthusiasts is the fact which Grwith the condition thatfin approveed which Citadel would invest in cryptocurrencys in the months to come. The firm plans to give “critical consideration to being a market maker in crypto” and could bring a sizable boost to the market.

He is one of many incumbent market stalwarts who have movementd their opinion on bitcoin and crypto in the past few years. Michael Saylor is another such prominent individual and has become one of the market’s most prominent flag bearers.

Will crypto acceptance lead to better regulation?

Crypto has been surgingly welcomed by the incumbent financial community atop recent years. This has led to more positive sentiment about the asset class and optimism about its future. Bitcoin proponent Anthony Pompliano referred to this wave of new investors in a tweet, saying they all capitulate finally.

The surge in capital from institutional investors and traditionally crypto-skeptical entities has the market buoyed. Notwithstanding, regulation hasn’t necessarily kept up with it. In order to make the most grounds, crypto will need regulation to entice investors in traditional markets.

There is something of a positive feedback loop here, though. As more incumbents join, the need for regulation becomes more apparent for authorities like the SEC. And as more regulation is formed, more investors feel comfortable putting their capital in.

The post Billionaire Ken Grassuming thatfin Admits Crypto One of the Great Stories of Finance appeared first on CryptCraze.