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Home Cryptocurrency

Citadel CEO Ken Griffin doesn’t see bitcoin’s ‘economic underpinning’

by BitSmart.US
February 20, 2021
in Cryptocurrency
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Citadel CEO Ken Griffin doesn’t see bitcoin’s ‘economic underpinning’
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Ken Griffin, who runs a sprawling Wall Avenue empire that features market-making operations and a hedge fund, was dismissive of cryptocurrencies on Friday at the same time as some see the rising asset as the way forward for finance.

“I simply do not spend a lot time interested by cryptocurrencies,” the founder and CEO of Citadel informed CNBC’s Andrew Ross Sorkin on “Squawk Box.” “I do not see the financial underpinning of cryptocurrencies. I perceive the best way to worth a inventory — the online current worth of earnings. I perceive how to consider currency-exchange charges world wide.”

“I do not know the way to consider what’s successfully a digital token,” Griffin added.

Bitcoin has soared in current months, boosted partly by adoption from main monetary establishments, buyers and firms, together with Tesla. Employees and customers of major Wall Street banks are additionally pushing for better involvement in cryptocurrencies.

Bank of New York Mellon, the oldest U.S. financial institution, stated on Feb. 11 it can begin financing bitcoin and other digital currencies.

Citadel Securities is the market maker that handles about 40% of the every day retail buying and selling within the U.S., making it one of many greatest firms concerned within the nation’s monetary plumbing. Griffin additionally based a hedge fund named Citadel.

Bitcoin traded above $53,000 on Friday, in keeping with Coin Metrics, placing its six-month achieve at greater than 350%.

Griffin’s feedback on cryptocurrencies got here throughout an interview regarding Citadel’s role in the GameStop saga. The agency dealt with retail trades from low cost brokerage Robinhood in the course of the Reddit-fueled quick squeeze on the inventory, and Griffin testified earlier than Congress on Thursday.

The Citadel hedge fund additionally made an funding in January in Melvin Capital, one of many funds hit hardest by GameStop’s speedy rise. Griffin defended that decision on Friday.



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