Citadel CEO: It’s “True Irony” That People Use Crypto To Distance Themselves From Government

Ken Griffin, the founder and CEO of the investment company Citadel Securities, is not quite persuaded of the role that cryptocurrencies will play even if the market is booming at an unprecedented rate and becoming more widely accepted.

As the CEO of Citadel told the host Scott Wapner during CNBC’s ‘Delivering Alpha’ conference, people use assets like cryptocurrency to distance themselves from the government, which, in his opinion, they still rely on to solve so many other problems for them. This was revealed in an interview that was released on September 28.

Griffin claims that a significant portion of the government’s early stimulus and borrowing “cycled back into speculative assets”, in many cases into NFTs, into crypto, into meme stocks. (…) Misallocating money to speculative assets does not contribute to the long-term prosperity that has made America the nation that it is, nor does it help to create jobs.

Crypto-irony centrism’s

On the other hand, the Citadel chief said he understood some of the reasons why people turn to crypto, even if he found them ironic:

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

As Griffin further explained, the irony is also in the fact that the people are turning away from the government despite their trust in its ability to sort out a multitude of other issues:

“You know, as our government gets bigger and bigger, a certain number of people sort of feel like, ‘you know what, I want the privacy and I want to be — I want to pull away from government.’ (…) So what’s interesting is we see people pulling away from big government when they look at assets like cryptocurrency, which is a real irony given how people view government can solve so many other problems.”

Histories of Citadel’s crypto

Meanwhile, it is important to note that Citadel is one of the financial powerhouses that, after announcing it in early June, along with Charles Schwab, Fidelity Digital Assets, Paradigm, Sequoia Capital, and Virtu Financial, just launched a compliant cryptocurrency exchange named EDX Markets.

Early in August, a petition was started calling for the resignation of Gary Gensler, the chairman of the United States Securities and Exchange Commission (SEC), for failing to safeguard regular investors from the fraud brought on by short selling and alleged dark pool abuse by Citadel Securities.

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