Billionaire Kenneth Griffin Claims Bitcoin To Be Replaced By Ethereum-Based Currency – The Inquirer

Kenneth Griffin, the billionaire CEO of the American hedge fund Citadel, believes that a coin from the Ethereum network will replace Bitcoin (BTC) as the main digital currency. Citadel manages more than $ 40 billion in capital, or a quarter of the transaction volume in the US stock market.

During the DealBook summit on Wednesday, November 10, hosted by the New York Times, Griffin said he anticipated “the bitcoin-based concept.” [va fi] replaced by an Ethereum-based design in the next generation of cryptocurrencies. “

He added that Ethereum-based cryptocurrencies have “the advantages of higher transaction speed.” [și] lower transaction costs, “according to

Ethereum is barely faster than Bitcoin today, but it will dramatically increase the speed of transactions and reduce costs when Ethereum 2.0 is fully implemented.

Griffin has long been a crypto skeptic, especially when it comes to bitcoin, saying it “has no business use cases.”

Although he noted that crypto and the underlying blockchain technology is a “really exciting technology” and “a powerful way to maintain a decentralized ledger around the world,” he ultimately said that “for most issues, that’s not really the point. solution we need “. ”

“People are very focused on a world of new ideas and new creations,” he said, “I’m afraid some of that passion is out of place when it comes to cryptocurrencies. “

During the summit, he argued that “there are a number of problems that have not been solved by cryptocurrencies, including the risk of fraud, high costs and energy expenditure.”

“Bitcoin is incredibly expensive to handle payments,” he said. It currently costs around $ 4.1 per bitcoin transaction. Typical fees for credit card transactions range from 1.4% to 3.5% on popular networks like Mastercard, Visa, and American Express. The recommended surcharge for debit cards is approximately 0.5%.

In terms of sustainability, Griffin said that bitcoin “contributes more to global warming than any form of payment we use in the world today.”

Bitcoin’s annual carbon footprint is approximately 90.48 tons of CO2. Each bitcoin transaction has a carbon footprint equivalent to 2,008,657 Visa transactions, according to the Bitcoin Energy Consumption Index.

On the other hand, bitcoin mining also uses the weakest forms of energy, such as renewables and excess energy that would otherwise go to waste. It is also much more difficult to actually quantify the amount of issuance that banks and financial institutions are responsible for.

When asked if he was worried about missing the cryptocurrency train earlier, he replied: “I think the train, in a sense, is still at the station … I think it’s still in the early stages. “

Earlier this year, rumors circulated that Citadel was behind Robinhood’s trading limits on GameStop stock. He denied any personal involvement in the saga during the summit, calling it a “bad comic joke.”

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