Ken Griffin, founder of $27 billion hedge fund Citadel, said today’s bitcoin frenzy resembles Holland’s tulip mania centuries ago. “Is bitcoin a fraud? No,” Griffin said in an interview Monday on CNBC. “But these bubbles tend to end in tears, and I worry about how this bubble might end.” The leader of the Chicago-based firm, which makes its money from stock picking and quantitative strategies, said that
valuations in the overall market were more stretched now than is typical, driven by low-interest rates, low inflation and reasonable growth in revenues. “We’re in the seventh inning of this market rally,” he said. “But it’s not in the classic mania of a bull market,” Griffin said that while tax reform for individuals is well thought-out by Congress, lawmakers may be driving the corporate tax rate too low. READ MORE
