“Using cryptocurrencies to get away from government is ironic,” says billionaire owner of Citadel

A billionaire believes that using cryptocurrencies to distance themselves from government is a real irony, perpetrated mainly by young libertarians who want a minor state in their lives.

Kenneth Cordele Griffin, known only as “Ken Griffin”, is an entrepreneur, hedge manager and CEO of Citadel LLC, founded in 1990 and with over $50 billion under management.

A top entrepreneur, he was invited last Wednesday (28) to join CNBC’s Delivering Alpha program, where he linked cryptocurrencies to financial fraud.

Billionaire Says He Sees Irony In Those Using Cryptocurrencies To Get Away From Government

The birth of Bitcoin, the largest digital currency ever created, came amid a movement called cypherpunk, which preaches privacy through cryptography. Among scholars of cryptography as a defense mechanism against the government, the idea of ​​free state money was pursued for two decades until the advent of bitcoin, the first to work.

To this day, bitcoin technology remains one of the greatest highlights of the financial world, an unprecedented innovation in a market that has changed little.

Central banks continue to print currencies backed by the confidence of the monetary system and the recent inflation crises in fiat currencies are forcing the world’s population to look for alternatives to protect themselves, such as bitcoin.

But the role of the state in people’s lives is still something important in billionaire Ken Griffin’s view, who said he has no interest in those who use cryptocurrencies to distance themselves from governments.

“What’s interesting is we see people turning away from big government when they look at assets like cryptocurrencies, which is really ironic when you consider how people see government as capable of solving so many other problems.”

That is, he believes that governments still have an important role to play in helping their populations, which should not be avoided by those who love cryptocurrencies.

“Young libertarians who believe this”

The billionaire further stated that he works with several young people who have a libertarian bias, looking for less state in their lives, and these are the real fans of cryptocurrencies.

However, on his team there are older investors, those who are no longer fans of cryptocurrencies to distance themselves from governments or reduce the power of the state. Ken Griffin then said he understands the dilemma as a generational issue.

Ken Griffin on crypto: “What’s interesting is we see people pulling out of big government when they look at assets like cryptocurrency, which is a real irony, considering people see government can solve so many other problems.” #DeliveringAlpha pic.twitter.com/oFJicmi3e0

— CNBC (@CNBC) September 28, 2022

It is worth remembering that Citadel, the company where he is CEO, is part of the Wall Street giants that launched a cryptocurrency exchange called EDX Markets (EDXM) in September.

That is, while Ken does not agree with the end of governments, he is not out of the cryptocurrency market.