Ken Griffin, the Founder and Chief Exec Officer at the multinational hedge fund Citadel LLC, still has his doubts about BTC and its use. He believes that another crypto project such as Ethereum will become the most popular in the digital asset universe.
Bitcoin has more than doubled its price in the past eleven months even though it has had many ups and downs throughout 2021. Significant support and Institutional adoption from prominent entrepreneurs and investors, some of whom usually describe it as a great store of value, are some of the reasons that the asset propelled towards its current heights.
BTC also became legal tender in El Salvador during September, propelling its way through on a national level.
However, it is not all sunshine and rainbows, as there are still people who like to criticize the primary crypto. One of them is Citadel’s CEO, Ken Griffin. Recently, in an interview with DealBook’s, Andrew Ross Sorkin shared his opinion that BTC hurts the environment way too much, is vulnerable to fraud activities, and has low transaction speed.
With these disadvantages in mind, Ethereum or another crypto based on its blockchain, which would have less of an energy footprint and less transaction costs, will steal Bitcoin’s dominance, he added.
Mark Cuban, the billionaire investor, also favored Ethereum and its native coin recently. According to him, if you’re a beginner in the crypto industry you should choose ETH as an investment choice because it has the most upside potential.
Griffin also talked about the financial crisis and the rising inflation that started rattling most economies. He didn’t believe that cryptos could solve those monetary problems, hinting that digital money might be more beneficial in the initiative.
Even so, he still seems to like blockchain calling it a “highly interesting technology and a very powerful way to manage a decentralized ledger around the world.”
Citadel Will Provide Cryptocurrency Services if The Industry Gets Regulated
In one of Griffin’s previous appearances last month, he once again bashed BTC and the alternative Crypto coins, claiming they might harm the U.S. dollar. He further said it’s a “Jihadist call” that some put their trust in digital assets instead of the currency of the America.
Even though he does not fit as the largest believer in the merits of cryptos, his organization will still offer its clients such exposure if there’s “regulatory clarity” in the space.
Author: Steven Sinclaire