Billionaire Head of American hedge fund Citadel Kenneth Griffin reportedly shared his perspective that an Ether-based crypto coin will overtake Bitcoin’s number 1 position. 

Specifically, the CEO of Citadel – currently having in management more than $40 billion of capital – a quarter of the trading volume in the US stock market – reportedly delivered his remarks during the DealBook summit, organized by The New York Times on November 10th. 

Griffith reportedly revealed his anticipation of the “Bitcoin-based conception [will be] replaced by the Ethereum-based conception in the next generation of cryptocurrencies.”

He further stated that Ether-based virtual coins possess “the benefits of higher transaction speeds [and] lower cost per transaction.”

Ethereum’s speed is only a small edge over Bitcoin at the moment, but this gap will be significantly widened following the rollout of Eth2, which aims to scale up transaction speeds and bring down costs. 

Griffin has long been known for his skepticism towards the top dog coin of the crypto world, believing that there are “no commercial use cases for.”

Despite his claims regarding crypto and its underlying blockchain technology as a “really interesting technology” and “a powerful way to maintain a decentralized ledger around the world”, his ultimate conclusion is that it is not a suitable measure to fix a majority of the issues the world is having. 

“People are very focused on a world of new ideas and new creation. I worry that some of this passion is misplaced when it comes to cryptocurrencies.”

Griffith shared that Bitcoin comes with a high cost for payment management, around $4.1 per Bitcoin transaction. sustainability-wise, from his point of view, Bitcoin is “a bigger contributor to global warming than any form of payment we use around the world today in aggregate.”