Ken Griffin, the founder and chief executive officer of Citadel LLC, a multinational hedge fund, remains skeptical about bitcoin and its potential uses. He believes that Ethereum, another cryptocurrency project, will be the dominant digital asset space.
Bitcoin Could Be Replaced at The Top
Despite the ups and downs of the year, bitcoin’s value has more than doubled in the last eleven months. The asset’s current success is due to its adoption by institutions and the support of prominent entrepreneurs and investors, who often refer to it as a great store value.
Separately, BTC became legal tender in El Salvador in September. This was in addition to the nationalization of the currency.
It’s not all rainbows and sunshine, however, and the primary cryptocurrency does have its critics. Citadel’s CEO Ken Griffin is one of them. He stated that bitcoin was too dangerous to the environment, slows down transactions, and is susceptible to fraud in a recent interview with DealBook’s Andrew Ross Sorkin.
These disadvantages being considered, Ethereum or any other cryptocurrency based on its blockchain will steal BTC’s dominance.
Mark Cuban, a billionaire investor and owner the Dallas Mavericks, voted for Ethereum and its native token. He believes that ETH is the best investment option for beginners in cryptocurrency because it offers the greatest upside potential.
Griffin also spoke out about the financial crisis and rising inflation that have shaken most economies. Griffin expressed doubts that cryptocurrencies can solve these monetary problems, suggesting that a digital currency could be more beneficial to the initiative.
He still seems to be supportive of blockchain, calling it “really intriguing technology” and “a powerful way to keep a decentralized global ledger.”
Source: CNBC Ken Griffin
If the Crypto Industry is Regulated, Citadel will Provide Crypto Services
Griffin again blasted bitcoin and other coins in a previous appearance last month. He claimed they could damage the American dollar. Griffin also stated that it was a Jihadist call for some to trust digital assets over the US national currency.
Griffin is not a big believer in cryptocurrencies but his company would still provide such exposure to clients if the space had “regulatory clarity”.
We don’t trade cryptocurrency because of regulatory uncertainty. It will be a much more competitive market once there is regulatory clarity. That would be great. I would trade it because it would satisfy the needs of our brokerage partners, who want a tier-one company making prices.
Marla Brooks – Financial Analysis
My name is Marla Brooks, and I am the mainstream behind the”observednews.com” for the powerful and most delicate insights into the latest activities in the financial analysis category. I started my journey as an independent financial consultant. I had approximately nine years of experience in this field. I am free soul so; my passion for exploring the world has taken me to the nations across the globe and given me the chance to report for a portion of the best news associations. Currently, I am a full-time editor as experienced in finance and started to use my abilities.