Billionaire Ken Griffin Terms Crypto as ‘Jihadist Call’ against US Dollar

While the list of billionaires diversifying their portfolio into the crypto space continues to grow, some are still adamant about joining the crypto movement. Hedge fund billionaire Ken Griffin has slammed crypto and called it a “jihadist call that we don’t believe in the dollar.”

Griffin also displayed his distaste for the rising numbers of young people developing alternatives to the US dollar. “I wish all this passion and energy that went to crypto was directed towards making the United States stronger,” he added.

Supports Crypto Investments

Despite opposing crypto for competing with the US dollar, Griffin did not dismiss the ability of people to make money from crypto investments. Griffin is the founder of Citadel LLC, a $38 billion hedge fund. He noted that Citadel was yet to dive into the crypto space due to the lack of a clear regulatory framework.

Griffin also supports the remarks made by the chair of the Securities and Exchange Commission, Gary Gensler, in August regarding the need for crypto to comply with the public policy framework to achieve its full potential.

He noted that compliance would make the crypto market smaller, and a clear regulatory framework would make the market competitive. “And that will be good. A small market, less people involved who are frankly just trying to make a quick buck,” he added.

Trump also Opposes crypto

The former president of the United States, Donald Trump, had previously stated that the Chinese digital yuan posed a threat to the US dollar. Trump was speaking to Adam Shapiro in an interview with Yahoo Finance on October 5.

One of the issues Trump addressed was the China ban on crypto. He stated that this move was a ploy by the Chinese government to remove competition as it works on its “own currency, whether it’s crypto or otherwise.” He also stated that the US should also follow this strategy.

“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,” Trump noted. The former US president also stated that the US dollar was losing its credibility because of the US pullback from Afghanistan and events at the Mexican border.

This is not the first time that Trump has openly opposed crypto. Towards the end of August, he stated that crypto was a disaster waiting to happen and even implied that cryptocurrencies could be fake as they are something that people have limited knowledge about.

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Source: https://insidebitcoins.com/news/billionaire-ken-griffin-terms-crypto-as-jihadist-call-against-us-dollar