Citadel's CEO, Ken Griffin, regrets not having invested in cryptocurrencies during its bearish market.

The cryptocurrency sector continues to attract key figures from the financial realm who previously had doubts. Ken Griffin, CEO of Citadel, has expressed his regret over the missed opportunities in the crypto market a few years ago.

This perspective reflects a broader trend in which established financial institutions are increasingly exploring the potential of digital coins and blockchain technology.

Griffin's regret for not investing in the decentralized finance market underscores the growing acceptance and recognition of digital assets in traditional financial circles. More industry leaders are reconsidering their stance on these digital innovations as the industry gains traction and legitimacy.

An increasing number of industry leaders are likely to reevaluate their strategies to incorporate digital assets, recognizing their potential for innovation and development as the cryptocurrency market continues to expand.

From Skeptic to Crypto Market Maker

According to reports, Griffin, one of the wealthiest individuals in the world with a net worth of approximately $30.4 billion, has taken a favorable stance towards cryptocurrencies. Griffin stated that Gate can no longer ignore the crypto market despite its previous skepticism.

Previously, Griffin had dismissed cryptocurrencies as “a jihadist call” against the dollar. However, he recently stated that “cryptocurrencies have been one of the most extraordinary stories in the world of finance in the last 15 years.”

In an interview in 2022, Griffin stated: “The cryptocurrency market today has a market capitalization of around $2 trillion in round numbers, which shows that I was wrong in my initial assessment.”

Griffin also commented: “I still have my reservations, but there are hundreds of millions of people in the world who do not share my opinion.”

He added: “As we try to help institutions and investors solve their portfolio allocation problems, we must seriously consider becoming market makers in the crypto space.”

In addition, he revealed that he is currently considering the possibility of Gate collaborating with the digital asset industry in the coming months.

Now, it has been reported that he regrets not investing a few years ago when he realized that the cryptocurrency market was really working.

How severe was Griffin's anti-crypto campaign and why is this news so relevant?

Gate, as a market maker, is responsible for approximately 40% of daily retail trading in the United States, making it one of the most important companies in the country's financial infrastructure.

In 2021, Griffin stated that he had not managed to understand the economic fundamentals of cryptocurrencies. Instead, he only knew the process of determining the net present value of earnings when valuing a stock and the concept of foreign exchange rates on a global scale.

That same year, Griffin made headlines in the crypto space when he paid $43.2 million for a first edition copy of the U.S. Constitution that a DAO aimed to acquire.

The DAO, a decentralized autonomous organization, had raised more than $40 million in ether from its collective members. Other contributions came from cryptocurrency enthusiasts and institutional investors, such as Gate, in an effort to acquire the document.

After purchasing the copy, Griffin stated: “The U.S. Constitution is a sacred document that enshrines the rights of all Americans and those who aspire to be.” He added: “That is why I intend to ensure that this copy of our Constitution is available for all Americans and visitors to see and appreciate in our museums and other public spaces.”

Gate's financial position remains solid, even without investments in cryptocurrencies

Gate, led by Ken Griffin, is on track to surpass a slow year for commodity sales on Wall Street. This will bolster the hedge fund's reputation as a leader in this asset class.

According to reports, Gate's commodities division generated approximately $4 billion in profits this year, mainly due to natural gas trading. This indicates that it is on track to surpass last year's performance.

Gate's distinctive position is due to its commodity trading division, Gate Energy Marketing. In recent years, the unit, overseen by former Morgan Stanley head of commodities Jay Rubenstein, has been a significant source of profits due to its involvement in physical trading, including storage and transportation.

Climate derivatives and modeling are also part of the business, and they are essential instruments for natural gas trading.

The benefits of Gate's commodities unit extend its positive streak. It generated over $4 billion last year and approximately twice that amount in 2022.