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“There’s no need for cryptocurrencies”, says Billionaire investor

Priya

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"There's no need for cryptocurrencies", says Billionaire investor
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On 18th July, during an interview with CNBC, Kenneth Griffin, an American investor and Hedge Fund Manager said that there is no need for cryptocurrencies.

The Founder and CEO of Citadel, one of the largest alternative investment firms around the world said that he has not had a single portfolio manager who has suggested that they have to buy cryptocurrency. During the Delivering Alpha Conference, he stated that they have had debates on not to make a market in cryptocurrencies.

Kenneth Griffin says that he doesn’t believe in cryptocurrencies because of which he finds it hard to be a liquidity provider of cryptocurrencies. According to him, people don’t understand that when its cryptocurrencies versus U.S Dollars, people have to pay taxes with US Dollar at the end of the year, they don’t have a choice.

Moreover, in his opinion, there is no need for cryptocurrencies and they are a solution in search of a problem. Griffin says that the amount of hype and the number of early investors who have been caught up with the hype is unfortunate.

Griffin wishes that the younger generation invests in companies that define the future of the country instead of buying Bitcoin. He further adds that the companies they invest in should push the capital in such a way that it created jobs and innovation in the economy.

The statement made by the hedge fund billionaire has geared up the crypto-community. Majority of the community feels that Kenneth made the statement without doing a proper research on cryptocurrencies. In addition, they also believe that cryptocurrencies are better than fiat currencies in various ways and the current financial system is way more flawed. Some even say that the statement made was in order to increase his profits and has nothing to do with improving the community.

VMP, a Youtuber commented:



“He wishes us to step into the trap of investing into stocks that are growing just because of the fiat system that is constantly printing new money and inflating the stock prices… Ofc it might not be a problem for these old fools since they will have all died of old age by then and everything falls to us”

Charlie Mclaren, on Youtube, commented:

“Almost instantaneously low fee payment anywhere in the world but not only that but it’s possible for the billions of people that don’t have the option of owning a bank account. All with a currency that isn’t valued based on the whim of a government to print more money to pay off debts. No purpose though, yeah, sounds like you’ve really done your research.

He further added:

“Try telling a Venezuelan that Fiat currency isn’t a problem that needs to be solved. It’s laughable really that after the financial crisis, with hyperinflation spread across poorest nations of the world a hedge fund manager claims that put currency and banking system isn’t seriously flawed and a problem that needs to be fixed. Perhaps not for his billionaire clients. Oh and finally I love the ‘what people don’t understand…’ bit bearing in mind that he doesn’t understand that you can pay taxes in Bitcoin in some states and that is likely to expand rather than reduce. The guy is an imbecile. “





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Priya is a full-time member of the reporting team at AMBCrypto. She is a finance major with one year of writing experience. She has not held any value in Bitcoin or other currencies.

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

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Tether’s [USDT] market capitalization hits all-time high, Facebook in talks with Winklevoss twins, trading firms over new cryptocurrency and more

Daily Crypto News – May 25

1) Bitcoin Wallet receives part of 5,000 BTC: A recent Whale Alert highlighted a transaction on May 24, where a large sum of Bitcoin [BTC] exchanged hands between two anonymous wallets. According to the alert the transaction took place at 22:13:23 + 1 minutes and 5,000.00001092 BTC was transferred from an unknown wallet, with address 19SiCYaYKZh9A8HUjuh14eg5wtYzKxiFbB, to another unknown wallet with address 14GcjGjxwadzcpmq9EG3KUgTKATjurbnWt.

Read more at https://bit.ly/2VRQwb0

2) Bitwise Report 2.0: Bitcoin [BTC] futures continues growth: On a month-on-month basis, Bitcoin Futures saw a massive bump in April trading at an average of 10,000 contracts daily, peaking on April 4, with over 22,000 contracts traded. To put that number in perspective, in March 2019, the average contracts traded was less than 4,000. Despite the high standards set in April, the average daily contracts traded in May, with 25 days gone has exceeded 14,000 and still looks to grow, given the price performance of Bitcoin.

Read more at https://bit.ly/2W40sTR

3) Craig Wright on private keys: Craig S Wright has, for years, claimed he is the true creator of Bitcoin [BTC] without providing a shred of evidence to support the same. With the crypto-community levelling, Wright could prove his worth by sending BTC from Satoshi Nakamoto’s touted wallet containing around 980,000 BTCs, the BSV man in a twisted cause and effect situation, stated he will “sign” into his wallet only when he proves he is the creator.

Read more at https://bit.ly/2X6fdlw

4) Tether’s [USDT] market cap hits ATH: Tether and Bitfinex are being closely scrutinized now more than ever due to the NYAG’s lawsuit; however, the scrutiny doesn’t seem to have affected Tether as the market cap of USDT has increased by over $100 million in approximately 70 days.

Read more at https://bit.ly/2McaTjE

5) Tether volume shift: Another controversial topic in the cryptocurrency industry was the issue of fake transaction volumes on many of the popular cryptocurrency exchanges. The magnitude of the topic was so large that even Changpeng Zhao, the Chief Executive Officer [CEO] of Binance had raised red flags. This topic and Tether as a whole received another twist when Larry Cermack, the Director of Research at The Block, pointed out a few parameters when it came to the said volume.

Read more at https://bit.ly/2wmk4mJ

6) Bitfinex’s LEO tokens listed on Delta Exchange: Bitfinex’s Leo tokens faced quite a lot of criticism when they were announced, due to the missing $850 million funds from Bitfinex. The private investment round by Bitfinex also faced a lot of heat from the media. However, in a recent development, Leo tokens are being listed on various exchanges for trading.

Read more at https://bit.ly/2HUEnNB



7) Robinhood en-route a projected valuation of $7 billion: Robinhood, the California-based cryptocurrency exchange made headlines recently when a source close to the organization revealed that it was on the verge of closing their latest round of funding at a valuation of a whopping $7 billion – $8 billion. Sources even claimed that the current round of funding could act as a precursor to an even bigger round of funding, which would pit Robinhood with the bigwigs like Coinbase and Binance.

Read more at https://bit.ly/2W64KKj





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