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Hedge fund billionaire Ken Griffin slams crypto as a ‘jihadist call’ against the dollar – and says regulation will oust those looking to make a quick buck | Currency News | Financial and Business News

Ken Griffin
Ken Griffin, founder and CEO, Citadel Securities.

  • Citadel’s Ken Griffin slammed cryptocurrencies as a “jihadist name” towards the greenback.
  • “I want all this ardour and vitality that went to crypto was directed in direction of making america stronger,” he stated Monday.
  • Citadel would start to commerce crypto as soon as regulatory readability kicks in, he stated.
  • Sign up here for our daily newsletter, 10 Things Before the Opening Bell.

Citadel founder Ken Griffin has taken a swipe at crypto cheerleaders, saying their efforts are a “jihadist name” towards the greenback.

“I want all this ardour and vitality that went to crypto was directed in direction of making america stronger,” the hedge fund billionaire stated on the Financial Membership of Chicago.

“It is a jihadist name that we do not imagine within the greenback,” he stated Monday. “What a loopy idea that is, that we as a rustic embrace so many brilliant, younger, gifted folks to give you a substitute for our reserve forex.”

Griffin is the founding father of Citadel Securities, the most important US market maker, which was pushed into the spotlight of the Reddit-driven “meme” inventory buying and selling frenzy because it executes trades for particular person buyers on the Robinhood app.

Griffin famous Citadel does perform trades in corporations he would not have a private liking for, saying it is not his job to inform Individuals whether or not they’re proper or fallacious. Nevertheless it’s not the identical story for cryptocurrencies, regardless of their rising mainstream adoption.

“Due to the dearth of regulatory certainty round cryptocurrency, we simply aren’t concerned as we speak,” Griffin stated. “I simply do not need to tackle the regulatory threat on this regulatory void that a few of my contemporaries are able to tackle.”

Additional, he acknowledged that SEC Chairman Gary Gensler is “spot-on” about the necessity to have considerate regulation across the business.

Griffin stated Gary Gensler was “spot-on” when he argued crypto will grow to be mainstream only if regulators lay out clear rules. Gensler, the chairman of the Securities and Trade Fee, has pushed for stricter regulation of the $2 trillion market.

“Doing so will make it a smaller market – as a result of it will grow to be a much more aggressive market when there’s regulatory readability,” Griffin stated. “And that might be good. A small market, much less folks concerned who’re frankly simply making an attempt to make a fast buck.”

Citadel will commerce cryptocurrencies as soon as regulation kicks in, as that might meet the wants of its brokerage companions, he stated.

Learn Extra: YouTuber Greg Chase has made hundreds of thousands of dollars investing in crypto. The 24-year-old shares the 2 criteria he looks for in coins before buying them – and lists 8 he plans to bet on when the slump ends.

https://markets.businessinsider.com/news/currencies/ken-griffin-crypto-jihadist-call-against-dollar-regulation-citadel-securities-2021-10 | Hedge fund billionaire Ken Griffin slams crypto as a ‘jihadist name’ towards the greenback – and says regulation will oust these trying to make a fast buck | Forex News | Monetary and Enterprise News

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