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

“Given the growing institutional interest in cryptocurrencies, I think it is reasonable to expect that we will become more actively involved in this industry and provide liquidity to institutional and possibly retail investors,” he said at the Milken Institute think tank conference.

According to Griffin, despite his skepticism about cryptocurrencies, he is forced to accept their value. The billionaire compared these digital assets to his collection of American abstract paintings, noting that bitcoin is only as valuable as people are willing to pay.

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

The head of Citadel explained that the company is in no rush to launch its cryptocurrency services, as it wants to ensure that high standards are maintained on issues such as the fight against money laundering.

In October 2021, Griffin stated that his company will not support digital assets until this market is properly regulated.

Recall that in April 2022, the billionaire admitted that his skepticism about cryptocurrencies was wrong.