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Author Topic: [19-07-2018]Citadel CEO Advice Millennials to Avoid Cryptocurrency Investments  (Read 47 times)
SlipMart
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July 19, 2018, 05:18:14 PM
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Founder and CEO of Citadel hedge funds Ken Griffin have reiterated his negative stance on Bitcoin in a recent interview with CNBC.

Speaking at the Delivering Alpha Conference in New York, Griffin said that he “still scratch[es] [his] head” about Bitcoin and emphasized that the youth population shouldn’t go into this sphere and “do something more productive than invest in digital currencies.”

To prove his point, he stated: “I don’t have a single portfolio manager [of mine] who has told me we should buy crypto, not a single portfolio manager. I have a hard time finding myself wanting to be in the position of being a liquidity provider to a product that I don’t believe in.”

Citadel’s group of hedge funds rank among the largest and most successful hedge funds in the world. Founded by Griffin in 1990, Citadel is one of the three percent of hedge funds that have operated for more than 20 years. The hedge fund currently manages over $30 billion worth of assets.

Though Griffin declared that his company is experiencing not the best period in its history, he said that it couldn’t be a reason to turn to cryptocurrencies. “There’s no need for cryptocurrencies. They’re a solution in search of a problem”..

Source: https://news.bitzamp.com/citadel-hedge-funds-founder-advice-millennials-to-avoid-cryptocurrency-investments/

Well, Friends, I've been thinking, what is more productive right now than cryptocurrencies? Maybe financial investments should be left to these old heads Roll Eyes
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July 19, 2018, 07:32:57 PM
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I have said it before old people would not bend even if it'd written in gold and so obvious for them to change their stance rather they would be looking for loopholes to still insist that they are correct. I won't be surprised if the acclaimed ETF of August 10th gets approved and he would still insist that caution should be exercised. I actually blame those who give the platform to them to talk and even the news sites that propagate the comment. One thing I know is that, blockchain is not going anywhere and so far that is established, bitcoin is also here to stay. So, irrespective of whatever they are saying we continue to make ways for ourselves.

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July 19, 2018, 07:47:30 PM
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I have said it before old people would not bend even if it'd written in gold and so obvious for them to change their stance rather they would be looking for loopholes to still insist that they are correct. I won't be surprised if the acclaimed ETF of August 10th gets approved and he would still insist that caution should be exercised. I actually blame those who give the platform to them to talk and even the news sites that propagate the comment. One thing I know is that, blockchain is not going anywhere and so far that is established, bitcoin is also here to stay. So, irrespective of whatever they are saying we continue to make ways for ourselves.

Of course he doesn't have a single fund manager who would suggest crypto to him. Any manager worth their salt working for him would know his aversion to Bitcoin, so naturally would steer away from the subject.

As for advising millennials? He must be some piece of work to think a millennial would give his advice time of day. Unless they were brown nosing.

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July 19, 2018, 09:15:49 PM
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For crypto as a whole, it's perfectly true the vast majority of ICOs and crapcoins out there are indeed terrible investments that do lure in more than a few gullible bagholders who are going to lose their money.  So in a way, I can't deny they have a small point.  Anyone who gets involved in crypto needs to be astute and somewhat circumspect when it comes to where and (equally importantly) when they invest.  But I think the overall tone of the article leads to a deeper problem.

Firstly, "Millennials", in the context of this article at least, now seems to be a catch-all word that, let's be honest, basically implies "people who eat laundry detergent pods".  And perhaps people like that should probably avoid... well... any serious financial decisions, cryptocurrency or otherwise.  But I'd like to think that such generalisations aren't representative of the future of humanity and that there might still be a few young people out there with a brain in their heads.  There's a distinct tendency for this word, millennial, to be used in a condescending manner.  And we now have to consider what the goal is in doing that.  Call me cynical, but to me, it sounds like an attempt to coerce conformity.  "Don't look at this subversive stuff, just keep being a good, ignorant little wage-slave.  Let us take care of the money.  You should trust us because you're just a millennial".  That doesn't sit well with me.

As for the interviewee, obviously they think their generation knows best, despite the fact they're clearly the ones who fucked the global economy in the first place.  We absolutely shouldn't trust them with the money.  If there's a generation that deserves some condescension, it's undoubtedly his.  If the younger generations are so disillusioned and disenfranchised with the traditional economy, perhaps Ken Griffin and his ilk only have themselves to blame.  It should be painfully evident to any current wage slave that fiat doesn't hold a bright future for them.  I'd love for some wealthy idiots to throw their vast fortunes at me so I could take it to the casino to gamble with while keeping a slice of the pie for myself, but apparently you have to be a hedge fund manager for that to happen in the real world.   Roll Eyes

One might even argue, "There’s no need for hedge fund managers.  They’re a middleman in search of a handout".  So it's not beyond the realm of possibility that Griffin's words stem from a source of recognising the threat to his business model.  Consider that once the general populace becomes accustomed to "being your own bank", they might then feel more comfortable with "being their own fund manager" as well.  Wealth management is just another industry crypto has the potential to disrupt, but it all depends how this up and coming generation responds.  If personal responsibility becomes the new norm, it's undoubtedly going to impact Mr Griffin's future revenues.

My stance is that everyone with some nous should take a serious look at crypto, particularly the younger generation.  The future is in their hands, so they need to choose the right path.

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July 19, 2018, 10:55:00 PM
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There's a distinct tendency for this word, millennial, to be used in a condescending manner.  

Hedge fund managers are all too aware that people listen when they talk. Don't you think it's possible that the contempt is both contrived & deliberate? Why would someone with alot of PR consultants say something that provocative otherwise? These people are no different to politcians, press coverage is a deal-making process, if this guy accidentally slipped in emotionally charged language, the PR people would do everything they could to have it removed (notice the "managing more than $30 billion in assets since 20 years" part?)

Vires in numeris
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July 20, 2018, 01:07:42 PM
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As for the interviewee, obviously, they think their generation knows best, despite the fact they're clearly the ones who fucked the global economy in the first place.  We absolutely shouldn't trust them with the money.  If there's a generation that deserves some condescension, it's undoubtedly his.
I'm sure the guy is secretly trading crypto..The old heads always want to control everything..Do they think youthful interference will destroy the market Huh
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July 20, 2018, 03:18:27 PM
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As for the interviewee, obviously, they think their generation knows best, despite the fact they're clearly the ones who fucked the global economy in the first place.  We absolutely shouldn't trust them with the money.  If there's a generation that deserves some condescension, it's undoubtedly his.
I'm sure the guy is secretly trading crypto..The old heads always want to control everything..Do they think youthful interference will destroy the market Huh
That statement has always been shocking me when made by the millennials. So do they expect the youngsters to grow and become like them before they start exploring opportunities in the world? Hmm..very soon when the get youngsters in politics and governments this issue of cryptocurrency war will end.

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July 20, 2018, 09:00:11 PM
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I wonder what is his advice for a young person who has a couple thousand USD or its equivalent in fiat money. It's not enough to buy real estate, not enough to start a company, unless you want to start selling lemonade or fixing bikes in your garage. Put it in the bank for 2% a year? Is that your advice for the young generation Mr. CEO?

I'm sure the guy is secretly trading crypto..The old heads always want to control everything..Do they think youthful interference will destroy the market Huh

He might be, like Jamie, or he might be an old stubborn donkey like Warren Wink

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