On a historic day for cryptocurrency, with Bitcoin surpassing $100,000 for the first time, Citadel CEO Ken Griffin joined the New York Times DealBook Summit to share his evolving views on the crypto landscape. While acknowledging his initial skepticism, Griffin framed the surge in crypto’s popularity as part of a broader societal trend—one of individuals seeking control and autonomy in uncertain times.
Bitcoin Hits $100K: A Turning Point for Crypto
Bitcoin’s crossing of the $100,000 threshold has cemented its status as a mainstream financial asset. The surge follows a wave of optimism after President-elect Donald Trump’s victory and his administration’s promises of deregulation, coupled with Republican control of both the House and Senate. This political environment has spurred increased confidence in alternative investments, with Bitcoin leading the charge.
Griffin remarked that the post-election sentiment reflects a desire among Americans to reclaim “agency” in their lives—a theme he sees as central to the growing appeal of cryptocurrencies.
From Skeptic to Critic: Griffin’s Evolving Views on Crypto
Griffin has long been a vocal critic of cryptocurrency, once likening it to a “jihadist call” against the dollar. However, his stance has softened over time. During the DealBook Summit, Griffin admitted to a personal case of FOMO (fear of missing out) when reflecting on crypto’s dramatic price escalation.
“Of course, I wish I bought something that trades at 100 times the price it traded at a few years ago,” Griffin said. “We all have FOMO. It’s just universal—it’s part of human psychology.”
Despite acknowledging the market’s success, Griffin remains critical of the fundamental utility of crypto. He posed a rhetorical question: “What problem does it solve for our economy?”
Crypto as a Symbol of Autonomy
For Griffin, the appeal of crypto lies less in its financial value and more in its symbolic resonance with a zeitgeist of individual empowerment. He connected the rise of cryptocurrencies to a broader cultural moment in which people are seeking autonomy over their financial decisions, especially in an era of political and economic uncertainty.
“I think that one of the things that we did see over the course of this election cycle, was American people saying, ‘I want to have agency in my life,’ and crypto is part of that,” Griffin said.
This sentiment mirrors the decentralized ethos of cryptocurrencies, which promise freedom from traditional financial institutions and government control.
Criticisms of Bitcoin’s Long-Term Viability
While Bitcoin’s unprecedented price milestone may indicate mainstream acceptance, Griffin questioned its staying power. He expressed doubts about whether crypto has truly captured the “zeitgeist of the world” in a meaningful or lasting way.
Griffin also pointed out the lack of a clear economic purpose for cryptocurrencies. Without addressing a tangible problem or inefficiency in the economy, he argued, crypto’s success could be more about speculative frenzy than intrinsic value.
A Broader Shift in Finance
Griffin’s reflections come amid a broader rethinking of traditional financial systems. From artificial intelligence to decentralized finance (DeFi), technological innovations are reshaping the way people interact with money.
The historic rise of Bitcoin has coincided with other market shifts, including a resurgence in retail trading, increasing adoption of blockchain technologies, and growing interest in stablecoins and central bank digital currencies (CBDCs).
While Griffin remains skeptical about the utility of crypto, he acknowledged that it has tapped into a cultural nerve. Its rapid ascent has forced even the most traditional investors to reconsider its role in the modern financial ecosystem.
The Trump Effect: Crypto’s Political Momentum
The political backdrop of Bitcoin’s surge cannot be ignored. President-elect Donald Trump’s promises of deregulation have invigorated the crypto market, fueling speculation and investment. The Republican majority in Congress has further solidified expectations of a more crypto-friendly regulatory environment.
Griffin, however, urged caution. While deregulation may boost short-term enthusiasm, he warned of potential risks if oversight fails to address issues like fraud, market manipulation, and systemic instability.
Griffin’s FOMO and the Future of Crypto
Griffin’s acknowledgment of FOMO underscores the emotional dimension of investing in a volatile market like cryptocurrency. His reflections reveal a tension between recognizing crypto’s financial success and questioning its fundamental purpose.
As the market matures, Griffin’s insights highlight key questions for investors and regulators alike: Can crypto move beyond its speculative roots to deliver tangible economic benefits? And what role should it play in a financial system increasingly shaped by individual autonomy?
Bitcoin’s $100K milestone marks a defining moment in the crypto journey. Whether it represents a fleeting peak or the start of a new era, Griffin’s measured skepticism serves as a reminder of the complexities beneath the market’s dazzling surface.
