Billionaire Ken Griffin slams crypto as ‘jihadist call’ in opposition to the dollar
Hedge fund billionaire Ken Griffin and former U.S. President Donald Trump have each slammed digital currencies as a menace to the U.S. greenback.
Griffin, the founding father of the $38 billion hedge fund Citadel LLC, instructed the Economic Club of Chicago on Oct. 4, that crypto is “a jihadist call that we don’t believe in the dollar.” He expressed his dismay over the youthful era engaged on greenback options within the crypto sector:
“What a crazy concept this is, that we as a country embrace so many bright, young, talented people to come up with a replacement for our reserve currency.”
“I wish all this passion and energy that went to crypto was directed towards making the United States stronger,” he added.
Griffin nonetheless does not not appear against making a living out of crypto sooner or later. He stated that Citadel is but to observe the plunge of different hedge funds and conventional monetary establishments into crypto due to the “lack of regulatory certainty.”
The hedge fund supervisor stated that U.S. Securities and Exchange Commission Chairman Gary Gensler was “spot on” in his feedback from August, when he stated that if crypto goes to attain its potential it “needs to come within public policy frameworks.”
“Doing so will make it a smaller market, because it’ll become a far more competitive market when there’s regulatory clarity,” Griffin stated. “And that will be good. A small market, less people involved who are frankly just trying to make a quick buck.”
Meanwhile former US President Donald Trump warned in opposition to the menace to the greenback from China’s digital yuan.
During an interview with Yahoo Finance’s Adam Shapiro on Oct. 5, Trump provided his tackle China, the U.S. financial system and the crypto sector.
Speaking on the Chinese authorities’s strikes to ban crypto within the nation led by Xi Jinping, Trump stated the clampdown was part of Jinping’s strikes to squash competitors as he works on “his own currency, whether it’s crypto or otherwise,” and instructed that the U.S. authorities ought to do the identical:
“I’m a big fan of our currency and I don’t want to have other currencies coming out and hurting or demeaning the dollar in any way.”
“If you look at a monetary system based on the dollar, if you start losing credibility, all of a sudden you’re going to lose that strong monetary system,” Trump stated. The controversial former president stated the U.S. authorities’s “horror show” with the Mexican border and pull again from Afghanistan had additionally affected the credibility of the dollar.
Trump can be no fan of cryptocurrency. In late August, he acknowledged that crypto was “potentially a disaster waiting to happen” as he questioned whether or not digital belongings had been “fake”:
“They [cryptocurrencies] may be fake. Who knows what they are? They are certainly something that people don’t know very much about.”