Bitcoin (EXANTE: Bitcoin), the largest cryptocurrency by market capitalization, is "incredibly expensive" to manage payments on, which makes the so-called "next-generation cryptocurrencies" like ether (ETH) more acceptable in terms of every day payments, Citadel Securities CEO, Kenneth Griffin, told New York Times at the DealBook Online Summit event. While it remains unclear what other cryptocurrencies fit Griffin's definition, he says these coins will have benefits of "higher transaction speeds and lower cost per transaction."
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"Bitcoin is a bigger contributor to the global warming than any form of payments that we use around the world today in aggregate. It is unbelievable," Griffin said.
He also believes the cryptocurrency market is still in "early innings" as some countries like China decided not to go on with decentralized coins by replacing them with central bank digital currencies (CBDCs). Earlier in October, the Chicago-based financial giant doubted that entering a cryptocurrency market is an appropriate decision given the risks associated with the regulatory framework.
Particularly, Griffin said he does not want to "take on the regulatory risk in this regulatory void that some of my contemporaries are willing to take on." He also said that the cryptocurrency market will become a "far more competitive" one with regulatory clarity.
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