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Jafrin Ahmed
Nov 12, 2021
by Jafrin Ahmed

Ken Griffin Believes Ethereum-Based Cryptos Will Replace Bitcoin

Ken Griffin Bitcoin Ethereum
Billionaire hedge fund manager Ken Griffin believes that Ethereum-based cryptocurrencies will overtake Bitcoin (BTC) due to their faster transactions per second, smaller energy footprint, and lower transaction costs.

Ken Griffin Bullish on Ethereum Over Bitcoin

In an interview with the New York Times Dealbook on Nov. 10, the CEO of American hedge fund Citadel Kenneth, Ken Griffin stated that Ethereum (ETH) network will replace Bitcoin (BTC) as the leading cryptocurrency. He made his statement based on the fact that the Ethereum-based cryptocurrencies have “the benefits of higher transaction speeds and lower cost per transaction” while Bitcoin has “no commercial use cases for.”

Griffin, who has long been a skeptic of the flagship cryptocurrency further went ahead to say that “Bitcoin is incredibly expensive to manage payments on,” and that it currently costs approximately $4.1 per Bitcoin transaction.

Even traditional credit card transaction fees range from 1.4% and 3.5% on popular networks such as Mastercard, Visa, and American Express while the recommended charge for debit cards is only around 0.5%. Besides the higher costs of transactions, Griffin claimed that Bitcoin is “a bigger contributor to global warming than any form of payment we use around the world today in aggregate.”

In conclusion, he believes that there are still a number of questions that need to be addressed on how Bitcoin will overcome environmental challenges, including the risk of fraud, high costs, and energy expenditure.

Ethereum's Use Cases Seems Appealing to Investors

Bitcoin (BTC) recently hit an all-time high of nearly $70,000 even though investors are more excited about ethereum (ETH), the world's second most valuable cryptocurrency. Investors are bullish on Ethereum owing to its use cases like being used as native assets for more non-fungible tokens (NFTs), as well as so-called smart contracts.

Ethereum is now hovering around $4,736, having soared more than 922.7% this year, compared to the "mere" 312% increase for bitcoin. ETH which now has a total value of about $559 billion for all its coins in circulations has also narrowed the market cap gap with bitcoin, which is worth about $1.2 trillion with the two cryptocurrencies making up almost two-thirds of the nearly $3 trillion cryptocurrency market.

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Ken Griffin Believes Ethereum-Based Cryptos Will Replace Bitcoin
Jafrin Ahmed
Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.