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"Ethereum will overtake Bitcoin" - Citadel boss predicts Flippening



Citadel boss Ken Griffin predicts the replacement of Bitcoin by Ethereum. In an interview with Andrew Ross Sorkin at the New York Times Dealbook Summit, he argued that Bitcoin was just too bad for the environment. In addition, the network has insufficient transaction performance and is prone to fraud. Therefore, it is only a matter of time before Ethereum Bitcoins dispute supremacy. Since, in Griffin's opinion, the crypto train is "still in the station" anyway, it could also be that another cryptocurrency with a better environmental balance and more Bitcoin (and Ethereum) features will overtake the rank.

Ethereum is more resilient in dealing with corrections

In fact, Ethereum has outperformed Bitcoin since September 2019. It is true that the two most important currencies were often able to rise to new heights in unison - as was the case again earlier this week. However, Ethereum was able to make itself more stable than Bitcoin in the course, of course, corrections that always followed a new all-time high through profit-taking and leverage effects.

This is undoubtedly due to the features of the Ethereum blockchain that go beyond the coin. Especially with the start of the defi and NFT hype at the beginning of 2021, Ethereum is enjoying increasing popularity. Only two days ago the ether had reached a new high of 4,859 US dollars. On Friday the coin started at 4,800, but then swung back to around 4,600 dollars.

Bitcoin, on the other hand, also reached a new high of $ 68,789 two days ago, but then slipped to $ 63,069 and hovered around $ 63,200 on Friday.

While Griffin describes blockchain technology as "an extremely interesting technology and a powerful opportunity to keep a decentralized ledger around the world", he considers cryptocurrencies as a whole to be unsuitable for solving monetary problems such as the effects of the corona crisis or rising inflation. The digital dollar is probably the better choice for this. There are, however, radically different opinions - such as those of Edward Snowden . The describes digital central bank currencies as "crypto-fascism" and "expropriation of the citizens".

Still, Griffin wouldn't want to rule out cryptocurrency trading for his house in the future either. This is currently not happening because there is a lack of “regulatory clarity”. Griffin is clearly in favor of regulation because it could give the market some security. This view is well established in traditional finance circles.

Ken Griffin is currently the 119th richest person on earth. With a net worth of around 16 billion US dollars, he ranks well below the top of the list, which is currently topped again by Amazon founder Jeff Bezos with a fortune of around 177 billion dollars after Elon Musk's Twitter poll fail with subsequent Tesla crash . Musk ranks 2nd at $ 151 billion, but could be overtaken at any time by Bernard Arnault and his family, who are 3rd at $ 150 billion.

Ken Griffin is a seasoned hedge fund manager who founded his company Citadel in Chicago in 1990 and is its managing director to this day. Citadel manages approximately $ 39 billion in deposits. In addition to Citadel, Griffin founded Citadel Securities, a clearing house, one of the largest of its kind on Wall Street. One in five stock trades in the United States is conducted through Citadel Securities.

Neobrokers like Robinhood rely particularly heavily on the service provider. During the Gamestop rally , Citadel-Securities was suspected of trying to limit the losses of short-sellers through illegal influence. That had brought the public prosecutor to the scene.

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