Hedge Fund Billionaire & Citadel Founder Ken Griffin Blasts Bitcoin
At the recent CNBC institutional investor Delivering Alpha Conference, Ken Griffin openly expressed his opinion against the digital assets. Whilst Griffin’s 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’s 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’t hesitate, saying, “I 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’t in a position to place cash in it, as he says cryptocurrencies are not a item he believes in.
“You have to have US dollars to spend your taxes. You don’t have a decision.”
Griffin believes cryptocurrency can’t succeed since there’s already a mandatory alternative in spot — fiat currencies. Whether or not people want it or not, they’re still forced to use their national currencies to spend their tax bills or pay for governmental solutions.
In this sense, Citadel’s CEO thinks cryptocurrencies are “a resolution in search of a problem,” stating, “There is no need to have for cryptocurrencies.” Even though these could be harsh words, he isn’t far from the truth. At the moment, couple of folks can subsist solely on cryptocurrencies — 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