Executive Rejects Bitcoin, Urges the Next Gen ‘Not to Invest’

Ken Griffin, Citadel CEO and founder, has shared his pessimism on the acquisition of Bitcoin in his recent CNBC interview.

During his speech at the Delivering Alpha Conference in New York, the hedge fund executive noted he still scratches his head when asked about his views about Bitcoin. He stressed the young entrepreneurs should stay away from investing in this digital currency.

Griffin said the next generation should exert effort to do more productive things than investing in cryptocurrencies.

The billionaire stressed that none of his clients has told him to invest in cryptocurrencies, adding not even one of his portfolio managers suggested that he should try crypto.

The executive noted his firm is having a difficulty to accept the task of being a liquidity provider for a product that he does not have confidence in.

He reiterated that cryptocurrencies are not necessary. He said there is a solution to our existing problems.

In the latter part of 2017, Griffin already provided a similar remark about Bitcoin. He has made a comparison with the emerging cryptocurrency then with the ‘Dutch tulip bulb mania’ in the 1600s.

He noted the bubbles led people in tears and he is worried how this bubble might end in the future.

Established in 1990, Griffin founded the Citadel LLC, which manages over $30 billion of assets. As a global financial institution, it remains one of the oldest global hedge funds. The company is one of 3% of hedge funds that have been operating for the past two decades.

Other companies registered in Wall Street have another take on this issue. Some have openly embraced the idea of cryptocurrencies.

Earlier, BlackRock, the world’s largest asset manager, reported it is preparing a working group to identify the benefits of Bitcoin in its operations, which is a different face in the past being critical about cryptocurrency.

Previously, billionaire Steven Cohen of Point72 Asset Management hedge fund made an investment in the Autonomous Partners crypto and blockchain-focused hedge fund.

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CryptoCurrencyUSDChange 1hChange 24hChange 7d
Bitcoin3,936.31 0.25 % 0.91 % 9.95 %
Ethereum146.48 0.41 % 1.69 % 21.14 %
XRP0.317 0.52 % 0.09 % 6.51 %
Litecoin48.96 0.40 % 0.77 % 15.95 %
Bitcoin Cash142.28 0.69 % 0.74 % 17.82 %