Funny MemesKen Griffin thinks bitcoin can be changed by ethereum...

Ken Griffin thinks bitcoin can be changed by ethereum and says the Reddit-fueled conspiracy theories about his involvement within the GameStop saga are like a nasty SNL joke

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Ken Griffin’s Citadel Securities was on the centre of the GameStop saga

  • Citadel’s Ken Griffin stated bitcoin can be changed by a superior cryptocurrency like ethereum.
  • Griffin informed DealBook’s Andrew Ross Sorkin that there is just one strategy to worth cryptocurrencies.
  • Griffin additionally dismissed his involvement within the GameStop saga and stated it learn like a nasty SNL joke.

Citadel’s Ken Griffin thinks bitcoin can be disrupted by a superior cryptocurrency primarily based on ethereum’s blockchain sooner or later, in accordance with a Wednesday interview with DealBook’s Andrew Ross Sorkin.

The feedback got here after Griffin stated the one approach one can worth cryptocurrencies is by hoping that somebody will purchase them at a better value sooner or later. Griffin stays skeptical of crypto, and to this present day sees no industrial use instances for bitcoin attributable to its massive vitality footprint, low transaction speeds, and vulnerability to fraud.

On the underlying blockchain know-how that powers cryptocurrencies, Griffin stated it is “actually attention-grabbing know-how, a strong strategy to keep a decentralized ledger around the globe, however for many issues, it is actually not the answer that we’d like,” Griffin stated.

As for bitcoin, Griffin believes a subsequent technology cryptocurrency primarily based on the ethereum blockchain will seemingly displace it attributable to its quicker transactions per second, smaller vitality footprint, and decrease transaction prices.

However in the end, a digital greenback may disrupt the whole cryptocurrency area, Griffin stated, pointing to China’s work in the direction of a digital yuan as a possible instance.

“I believe we’re all nonetheless making an attempt to grasp if we need to hit this world of decentralized finance and need a fee system that’s low value and efficient, is it going to be solved by the crypto neighborhood? Or is it going to be solved by a digital greenback?” Griffin requested, including that developments are nonetheless within the very early innings.

As regards to Citadel’s fee for order circulation enterprise with Robinhood, Griffin stated everybody advantages and that “many of the 20-year olds I do know are actually grateful for the present market construction in America.” Fee for order circulation allows on-line brokerage corporations the power to supply $0 fee buying and selling and fractional share investing.

However some retail buyers have attacked Griffin as a key member of a conspiracy between Citadel, Robinhood, and meme-stocks like GameStop and AMC Leisure. A lot of the conspiracy typically talked about on Reddit’s WallStreetBets entails the concept that Citadel compelled on-line brokerages to restrict buyers’ means to purchase shares of GameStop and different meme-stocks amid its epic short-squeeze earlier this 12 months.

The conspiracy principle has not been substantiated, with even a latest SEC report discovering no proof to help the conspiracy.

In response, Griffin known as the conspiracy he is a determine of as “a nasty comedy joke saga, like a ‘Saturday Night time Dwell’ joke in actual time.”

The chief additionally stated he and fellow billionaire Elon Musk “reside in an entire totally different world” in response to a query in regards to the Tesla chief’s ballot of Twitter customers asking if he ought to promote 10% of his stake.

“I’ve identified Elon for a very long time, I by no means thought we might let our possession stakes be dictated by a ballot on Twitter,” Griffin stated. Final weekend, a ballot posted by Musk decided he ought to promote a stake in his firm price about $20 billion.



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