Ken Griffin says Bitcoin will be replaced by Ethereum-based currency

[waybesuricata]

Kenneth Griffin, billionaire CEO of American hedge fund Citadel, thinks a currency on the Ethereum network will replace Bitcoin (BTC) as crypto’s top dog. Citadel manages over $40 billion of capital — a quarter of the trading volume in the United States stock market.

During this Wednesday’s Nov. 10 DealBook summit hosted by The New York Times, Griffin said that he anticipates that the “Bitcoin-based conception [will be] replaced by the Ethereum-based conception in the next generation of cryptocurrencies.”

He added that Ethereum-based cryptocurrencies have “the benefits of higher transaction speeds [and] lower cost per transaction.”

Ethereum is only slightly faster than Bitcoin at present but will significantly scale up transaction speeds and lower costs when Ethereum 2.0 is fully implemented.

Griffin is a long-time crypto skeptic, especially of Bitcoin, which he claims there are “no commercial use cases for.”

Although he noted that crypto and its underlying blockchain technology are a “really interesting technology” and “a powerful way to maintain a decentralized ledger around the world,” he ultimately said that “for most problems, it’s really not the solution that we need.”

“People are very focused on a world of new ideas and new creation,” he said, “I worry that some of this passion is misplaced when it comes to cryptocurrencies.”



Source and continuation of news: https://cointelegraph.com/news/ken-griffin-says-bitcoin-will-be-replaced-by-ethereum-based-currency

[TomPluz]

The more people are predicting that Bitcoin can be replaced by this and that, the more it is showing its strength. An Ethereum-based cryptocurrency can be a good platform to support but here in the cryptocurrency market nobody can be sure of what can be...we can only speculate and even wish. Bitcoin remains to have many big advantages compared to other networks especially those that will be adopting the POS way of doing things. And we can see that in the coming years. But first, Ethereum has to be successful first in fixing the gas problem before it can dream of dislodging BTC on the throne.