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0:24, 23 July 2018

Hedge Fund Billionaire & Citadel Founder Ken Griffin Blasts Bitcoin

Hedge Fund Billionaire & Citadel Founder Ken Griffin Blasts Bitcoin

Citadel bitcoin

At the recent CNBC institutional investor Delivering Alpha Conference, Ken Griffin openly expressed his opinion against the digital assets. Whilst Griffin&#8217s words might be turning a handful of heads, this is not the very first time the billionaire spoke ill of cryptocurrency.

Griffin Has Often Been Really Clear in His Dislike of Bitcoin

Back in December, when bitcoin surpassed the $1,000 mark, Griffin stated the coin fever was a bubble. Unlike numerous other voices, he believed bitcoin was not a fraud but the bubble would ultimately end. At the time, Griffin admitted blockchain technologies would eventually have a profound impact in the future planet order.

Considering that then, his opinion seemingly remains the very same. Interviewed by organization journalist Andrew Ross Sorkin, Griffin let out his true thoughts on cryptocurrencies at Pierre Hotel&#8217s ballroom in New York.

Sorkin teased Griffin, asking him what was he saying to his portfolio managers who wanted to invest in cryptocurrencies. Griffin didn&#8217t hesitate, saying, &#8220I don&rsquot have a single portfolio manager who has told me we need to acquire crypto. Not a single portfolio manager.&rdquo

Surprisingly, the billionaire confessed he has wondered if his firm must make markets in cryptocurrencies. Even so, in the finish, he wasn&#8217t in a position to place cash in it, as he says cryptocurrencies are not a item he believes in.

&#8220You have to have US dollars to spend your taxes. You don&#8217t have a decision.&#8221

Griffin believes cryptocurrency can’t succeed since there&#8217s already a mandatory alternative in spot &#8212 fiat currencies. Whether or not people want it or not, they&#8217re still forced to use their national currencies to spend their tax bills or pay for governmental solutions.

In this sense, Citadel&#8217s CEO thinks cryptocurrencies are &#8220a resolution in search of a problem,&#8221 stating, &#8220There is no need to have for cryptocurrencies.&#8221 Even though these could be harsh words, he isn&#8217t far from the truth. At the moment, couple of folks can subsist solely on cryptocurrencies &#8212 at some point, most men and women have to convert their funds to fiat.

Closing the interview, Griffin spoke to the millennials currently investing their income in cryptocurrencies. He advised them to invest in businesses that will assist advance society, develop jobs, and grow the economy, rather than burying their funds in digital assets.

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Published at Sun, 22 Jul 2018 22:30:41 +0000

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