Why Ken Griffin Outbid the Constitution DAO to Buy a Rare Document – RisePEI

In an interview with the Wall Avenue Journal, Ken Griffin, CEO of the hedge fund Citadel, mentioned he outbid a ragtag group of NFT and crypto lovers on a replica of the U.S. Structure as a result of he was afraid they’d not correctly take care of it.

Final November, when crypto costs had been nonetheless hovering, that group, generally known as Structure DAO, mentioned it had hoped to purchase the final copy of the Structure nonetheless in personal fingers throughout a Sotheby’s public sale. Ultimately, Griffin, who has ranked on the ARTnews High 200 Collector checklist, supplied to purchase it for $43 million—nicely above the unique $15 million estimate, and simply sufficient to vault over the DAO’s $40 million price range.

“It’s very spectacular how shortly the DAO raised $40 million to pursue shopping for the Structure,” Griffin informed the Wall Avenue Journal, “however there have been necessary questions on whether or not a big decentralized group would be capable to handle the duties needed to guard this uncommon doc.”

It was a shock when Griffin purchased the Structure as a result of he’s recognized primarily for purchasing work. Griffin’s assortment consists of Jean-Michel Basquiat’s $100 million portray Boy and Canine in a Johnnypump (1982) and Cézanne’s Curtain, Jug and Fruit Bowl (ca. 1893), in addition to works by Jackson Pollock, Jasper Johns, Njideka Akunyili Crosby, and lots of extra.

On the time of the sale, Griffin had been vocal about his staunch opposition to cryptocurrencies. Since then, nonetheless, he’s come round.

“It’s a jihadist name that we don’t imagine within the greenback,” Griffin mentioned on the Financial Membership of Chicago in October, in response to Business Insider. “What a loopy idea that is, that we as a rustic embrace so many vivid, younger, proficient folks to provide you with a alternative for our reserve forex.”

Griffin’s copy of the Structure is presently on view on the Crystal Bridges Museum of American Artwork in Bentonville, Arkansas, in a present about democracy.

That the doc is presently on show in a museum might assuage some fears. When the Structure DAO started fundraising to purchase the Structure, they did so with the intention that this pivotal doc of American historical past be within the fingers of the folks.