Generation X billionaire businessman Ken Griffin says he thinks the “passion is misplaced once it involves cryptocurrencies”.
Billionaire CEO of american hedge fund stronghold Kenneth griffin thinks a currency on the Ethereum (ETH) network can replace Bitcoin (BTC) as crypto’s leader. stronghold manages over $40 billion of capital — a quarter of the trading volume within the US stock exchange.
During this Wednesday’s November. 10 DealBook summit hosted by The new york Times, mythical monster said that he anticipates that the “Bitcoin-based conception [will be] replaced by the Ethereum-based conception within the next generation of cryptocurrencies.”
He other than Ethereum-based cryptocurrencies have “the edges of upper dealing speeds [and] lower value per dealing.”
Ethereum is simply slightly faster than Bitcoin at the moment, however can considerably rescale dealing speeds and lower prices once Eth2 is totally enforced.
Griffin could be a long-time crypto intellectual, particularly of Bitcoin — that he claims there are “no business use cases for.”
Although he noted that crypto and its underlying blockchain technology could be a "really fascinating technology” and “a powerful thanks to maintaining a localized ledger round the world,” he ultimately said that “for most issues, it's very not the answer that we want.”
“People are very focused on a world of latest concepts and new creation,” he said, “I worry that a number of this passion is misplaced once it involves cryptocurrencies.”
During the summit, he claimed that “there’s a number of problems that haven’t been self-addressed by crypto,” together with the danger of fraud, high costs, and energy expenditure.
“Bitcoin is improbably valuable to manage payments on,” he said. It presently prices around $4.1 per Bitcoin dealing. Typical MasterCard dealing fees vary from 1.4% and 3.5% on in-style networks like Mastercard, Visa, and yank specific. The counseled surcharge value for debit cards is around 0.5%.
In terms of property, mythical monsters claimed that Bitcoin is “a larger contributor to warming than any type of payment we tend to use around the world nowadays in the mixture.”
Bitcoin’s annual carbon footprint is around ninety.48 tonnes of CO2. every Bitcoin dealing has the equivalent carbon footprint of 2,008,657 VISA transactions, in keeping with the Bitcoin Energy Consumption Index.
On the flip facet, Bitcoin mining additionally utilizes the bottom value types of energy, like renewable energy and surplus power that may preferably be wasted. it's additionally considerably harder to really quantify the number of emissions that banks and monetary establishments are answerable for.
(Keira Wright, Cointelegraph, 2021)