Citadel CEO: It’s a ‘real irony’ that people are using crypto to get away from the government

Even though the cryptocurrency market is growing at an unprecedented rate and becoming increasingly embraced, not everyone is fully convinced of its role, including Ken Griffin – the company’s founder and CEO. investment company Citadel Securities.

As it happens, the Citadel CEO finds it ironic that people are using assets like crypto to get away from government, which he says they still rely on to solve so many other problems for them, as he said. told host Scott Wapner during CNBC Conference ‘Delivering Alpha’ in interview published September 28.

According to Griffin, much of the stimulus and government borrowing at the start of the pandemic “turned into speculative assets, in many cases NFTs, crypto, meme stocks. (…) Misallocated money in speculative assets does not create long-term jobs, does not help create the long-term prosperity that makes America the country it is.

The irony of cryptocentrism

On the other hand, the head of the Citadel said that he understands some of the reasons why people are turning to crypto, even if he finds them ironic:

“I see my younger colleagues much more crypto-centric than my older colleagues, and for good reasons, including, ironically, a sort of libertarian worldview.”

As Griffin further explained, the irony also lies in the fact that the people are turning away from the government despite their confidence in its ability to solve a multitude of other problems:

“You know, as our government gets bigger and bigger, a number of people kind of feel, ‘you know what, I want privacy and I want to be – I want to get out of government.’ (…) So what’s interesting is that we’re seeing people moving away from big government when looking at assets like cryptocurrency, which is a real irony given that people think the government can solve so many other problems.

The History of Citadel Cryptography

In the meantime, it is worth mentioning that Citadel is one of the financial heavyweights which, along with Charles Schwab, Fidelity Digital Assets, Paradigm, Sequoia Capital and Virtu Financial, recently formed a compliant cryptocurrency exchange called EDX Markets, after having announced it at the beginning of June. , as reported by Finbold.

In early August, a petition was launched calling for U.S. Securities and Exchange Commission (SEC) Chairman Gary Gensler to be fired for failing to protect ordinary investors from fraud caused by short selling and l misuse of the dark pool allegedly committed by Citadel. Securities.

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