Kenneth Griffin: Ethereum is the future of crypto

Billionaire and CEO of Citadel hedge fund Kenneth Griffin has predicted that Bitcoin (BTC) will sooner or later be replaced by an Ethereum-based cryptocurrency.

Citadel’s boss whose hedge fund manages $40bn of capital, estimates that Ethereum’s model is more sustainable, referring perhaps to Ethereum’s active attempt to transfer to a Proof of Stake concept from a Proof of Work Concept.

Speaking during the DealBook summit organized by The New York Times, Griffin said that “Ethereum-based conception” will replace the “Bitcoin-based conception” and chart a future for cryptocurrencies.

He touted the higher speed of transaction that Ethereum sports, making it a more efficient and cost-efficient transactions.

While Griffin himself is a known critic of cryptocurrencies, and has blasted BTC time and again, arguing that the currency has no commercial use whatsoever, he seems to be opening up to a currency that can deliver on quick transactions and low costs.

He cautioned that for crypto to be more readily adopted, there would be several issues that must be addressed first.

Griffin cited the risk of fraud, energy costs and high costs of getting into business, their speculative nature and a slew of other problems that he takes an issue with when talking crypto.

He blasted BTC’s footprint on the global ecosystem, criticizing the amount of CO2 produced by BTC and comparing it to any other payment system.

Even though BTC is not used at the same scale as Visa payments, Griffin claimed, it’s already emitting disproportionate amounts of carbon dioxide.

While Griffin has a point, there are legitimate uses of crypto that are green. Online casinos, for example, have a low CO2 footprint and they accept BTC. You can use BTC at Bitcasino, 1xBit or FortuneJack.

Source

Updated: 11/12/2021 — 11:00