Billionaire Ken Griffin Compares Bitcoin’s Price to Dutch Tulip Bulb Market Bubble

Ken Griffin

Bitcoin’s price just surpassed the $11,700 mark, and yet, billionaire Ken Griffin has decided to join the conversation that compares the digital currency’s price increase to the Dutch Tulip Bulb Market Bubble, which ended in 1637.

The Problem

In an interview with CNBC, Ken Griffin declared that bitcoin is as popular as it is in our modern world because society is confusing it with blockchain technology, which, according to Griffin, serves more purpose and has merit.

Based on Griffin’s take on the matter, blockchain technology is likely to have overpowering social implications in the forthcoming years. Additionally, Griffin stated that blockchain technology takes away the need for third parties as it creates safe, fast, and permanent transaction records.

The problem, to Griffin, is that people don’t know the difference between blockchain technology and bitcoin, which is causing individuals to purchase the digital currency without a clue as to what they are actually buying.

Unlike other financial experts, Griffin does not believe bitcoin is a fraud, but he does appearing to be sticking to the fact that bitcoin is a bubble that will inevitably hurt society. This, of course, is not the first team bitcoin has been referred to as a ‘bubble’.

For those who don’t know, Ken Griffin founded the Citadel hedge fund management firm, which now holds over $27B in assets. Currently, according to Forbes, Griffin’s net worth sits at around $8.6B.

Featured Image: twitter

 

Caroline Harris is a third-year student at Capilano University in North Vancouver, Canada. Having already completed an Associates Degree in Psychology, Caroline is working towards finishing her Bachelor's degree in Communications. In preparation for working in the advertisement sector, Caroline is writing financial content and analysis. On a daily basis, Caroline works on articles regarding the following topics: finance, consumer, technology, and politics.