A Superior Crypto Based On ETH Blockchain Will Replace Bitcoin, Says Citadel's Ken Griffin

Citadel’s Ken Griffin has said that the world’s most popular cryptocurrency Bitcoin will be disrupted by a new-age cryptocurrency based on Ethereum’s blockchain in the future.

In an interview with New York Times Dealbook’s Andrew Ross Sorkin, Griffin pointed out Ethereum blockchain-based crypto has faster transactions per second, a smaller energy footprint, and lower transaction costs.

However, a digital dollar, he believed, could disrupt the entire crypto space pointing to China's work toward a digital yuan as a potential example.

"I think we are all still trying to understand if we want to hit this world of decentralized finance and want a payment system that is low cost and effective, is it going to be solved by the crypto community? Or is it going to be solved by a digital dollar?" Griffin asked.

Remaining skeptical of crypto, the Citadel CEO said the only way one can value cryptocurrencies is by hoping that they will be sold at a higher price in the future.

In conclusion, Griffin pointed out there are still a number of questions crypto has to address to become truly formidable, including questions like, what happens when a consumer's crypto wallet is stolen, how will Bitcoin overcome the environmental challenges, and what are the "solid commercial use cases" for blockchain technology, Griffin said.

It can be recalled that some retail investors have targeted Griffin as one of the key members of a conspiracy between Citadel, Robinhood and meme stocks like GameStop and AMC Entertainment. This conspiracy claims Citadel forced online brokerages to limit investors' ability to buy shares of meme-stocks amid a short-squeeze earlier this year. But an SEC report found no evidence to support this conspiracy.

Responding to it, Griffin said that the conspiracy was "a bad comedy joke saga, as a 'Saturday Night Live' joke in real-time."

(This article has been updated to add a link to the SEC report debunking the conspiracy theory involving Citadel’s Ken Griffin, and to move that information up to the penultimate paragraph.)