US billionaire Ken Griffin: Ethereum will replace Bitcoin

On November 10, The New York Times hosted the DealBook Summit. During the meeting, billionaire and US hedge fund Citadel KennETH Griffin announced that Ethereum (ETH) is number one in the cryptocurrency space, he said. Bitcoin (BTC).

Ken Griffin, CEO of Citadel Investment Group, is one of the world's largest investors. The group currently manages over $ 40 billion in capital and also manages the US market capital Citadel Securities, which represents a quarter of the volume of the US stock market. On April 6, 2021, Ken Griffin was ranked No. 119 on the “2021 Forbes World Recorder” with a net worth of $ 16 billion.

In an interview with Andrew Ross Sorkin at the DealBook Summit, Griffin said that Ethereum is now slightly faster than Bitcoin, but with the release of Eth2, which has led to faster trading and lower costs, Ethereum will increase the speed and costs of the business. Market value connects the difference with Bitcoin and there is perfection.

The DealBook Summit brings together “the most talented people in business, politics and culture”. General Motors CEO Mary Barra, US Secretary of State Antony Blinken, and Pfizer Pharmaceuticals CEO Albert Bourla also attended the meeting.

During the meeting, Griffin said he recognized cryptocurrencies and blockchain technology which they described as "very high tech" and "a solid way to keep the list of international names."

“People are focused on a world of new ideas and innovations. It's one of the reasons I love America,” he said.

However, Griffin eventually came to the conclusion that cryptocurrency is not the right solution for solving most of the world's problems. "When it comes to cryptocurrencies, I'm afraid the human interest is wrong." Speaking of rising inflation and the financial crisis that has started to affect most markets, Griffin asked if cryptocurrencies could solve these problems.

Griffin said the cryptocurrency is still in its infancy. And he didn't believe it for a long time. Specifically, we believe that Bitcoin "has no trading data". And there are many problems, such as the high cost and the consumption of electricity.

“The cost of running Bitcoin is very high,” he said. The current price of each Bitcoin exchange is around $ 4.1. On popular networks such as MasterCard, Visa, and American Express, loan rates typically range from 1.4% to 3.5%. The recommended increase for a debit card is approximately 0.5%.

On the issue of stabilization, Griffin said that Bitcoin's "contribution" to global warming is greater than any other payment method in the world today. He noted that Bitcoin's annual carbon emissions are around 90.48 tonnes of carbon dioxide. According to the Bitcoin Energy Consumption Index, the carbon footprint of each Bitcoin exchange is equivalent to 2,008,657 VISA markets.

Griffin believes digital money can affect the entire cryptocurrency market. He noted that China has banned issuance of cryptocurrencies and is preparing to develop the digital renminbi.

And Apple has said it will not go into cryptocurrencies. Apple CEO Tim Cook announced that Apple will no longer accept cryptocurrency payments in the future. “I don't think people will buy Apple products for cryptocurrency distribution,” he said in a previous interview with the DealBook Online Summit.

Rahul Rai, head of cryptocurrency hedge fund BlockTower Capital, also asked if Ethereum will replace Bitcoin, saying, “By the middle of next year, Ethereum's market value will overtake Bitcoin to complete international management. hope, ”he said. He stressed that the diversity of Ethereum will be the key to attracting developers and entrepreneurs.

Also during the interview, Griffin denied rumors that Citadel was behind the Robinhood gamstock deal, which he called a "fraudulent scam."