Ken Griffin claims Bitcoin shows all signs of the "Tulip Mania"

13.11.2019 / 01:30

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Citadel billionaire and hedge fund manager Ken Griffin thinks Bitcoin is in a bubble.

"Bitcoin is currently displaying many of the signs and elements of a balloon craze that burst hundreds of years ago in the Netherlands." - said the billionaire in an exclusive interview with CNBC.

However, Griffin said he believed in blockchain technology and its real applicability.

"Blockchain is a very interesting technology that will surely revolutionize many aspects of society for years to come." - complements the hedge fund manager.

Technology creates a fast, permanent and secure transaction record, eliminating the need for a third party as a bank. Banks and other large corporations are testing blockchain technology that can dramatically improve the overall system - from logistics chains to the global payment system.

Griffin commented: "What is happening now is that many people confuse Bitcoin with blockchain."

"I am concerned that many people trying to buy Bitcoin do not really understand exactly what they are getting into. They are only informed by the mass media and the constant news that the price is constantly rising. Including I would also not like "To miss the opportunity to make money from this phenomenon. Is it a fraud? No. But these balloons usually end in tears. I'm also worried about how this balloon will end," Griffin concludes.

Griffin founded Citadel in 1990 and is the CEO of the fund. The hedge fund manages assets for more than $ 27 billion. The investor's net worth is $ 8.6 billion.

Bankers like Jamie Dimon of JPMorgan Chase criticize Bitcoin and call it fraud. On the other hand, Wall Street investors (veterans) buy Bitcoin and create their own crypto funds. In an effort to win legitimacy, CME, the largest futures exchange in the world, plans to launch Bitcoin futures in December.

Trader Martin Nikolov

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Ken Griffin claims Bitcoin shows all signs of the "Tulip Mania"

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