Ken Griffin Says "Crypto Jihad Against Dollar" What?!
He called the crypto mania, a jihadist call against the dollar: okay hes, a hedge fund, billionaire hes criticized the amount of time and energy spent on cryptocurrencies, saying its. The jihadist call that some people dont believe in the dollar hes the founder and chief executive officer and the co chief investment officer of citadel and heres, the quote he said. I wish all this passion and energy that went into crypto was directed toward making the united states stronger what a crazy concept. This is that we, as a country embrace so many bright young, talented people to come up with a replacement for our reserve currency now. This is really interesting because ken griffin doesnt believe in the dollar, either ken griffin actively moves billions of dollars out of dollars as fast as he can. Ken griffins cash position is small on a percentage basis. If ken griffin is so patriotic and believes in the dollar, why doesnt he have 100 of his wealth in dollars? Why is he buying hundreds of millions of dollars of real estate every year, hes abandoning the dollar hes actively working to get out of the dollar and get into other assets its? Because if ken griffin, like the rest of us, held dollars, he would be losing purchasing power. He understands better than anyone you have to get out of cash and get into investments. Those investments have all sorts of different criteria, different pros and cons. Some of them are illiquid, some of them are liquid.
Some of them are hard assets, some of them arent. Some of them have cash flows, some of them dont, but ken griffins, in the business of not only taking his own dollars and converting them into other assets. But then he goes and he asks other people. Other people give him dollars and he converts them into other assets. That is the entire business, is to convert dollars and do other assets. It doesnt make him unpatriotic. In fact, i think hes a super patriotic guy. I think he really believes in america. I think he believes in doing good in the world. I think he believes in giving people jobs and doing the best that he possibly can from a philanthropic standpoint, etc. I think ken griffin is a stand up guy, but theres no difference in ken griffin working to get out of the dollar than me or anyone else. Everyone is trying to get out of the dollar 38 of the dollars in circulation were created in the last 18 months. Politicians dont hold dollars the president doesnt hold dollars, the hedge fund, billionaires dont hold dollars, and neither does anybody else. 55 percent of americans have actively taken dollars and converted them into investments. 45 percent of americans havent, yet theyre the ones who are being hurt holding dollars doesnt make you patriotic. It makes you an idiot because that is how you actually become worse off. This is a story as old as time its why your grandparents or your great grandparents, told save and buy real estate.
Buy stocks. Invest your money, dont buy it on material goods. Dont spend it on those material goods. This is exactly how you build a life of health, wealth and financial security, but this idea that this is a jihadist call against the dollar is exactly wrong, because bitcoin is an american technology. Bitcoin is the most american technology available today. This is what the legacy system is missing. An authoritarian, centrally planned communist country like china, has banned it because they understand what the technology is. The technology gives individual rights, personal liberties and sell sovereignty back to individuals. It protects their purchasing power. It allows them to know that they have financial security. Bitcoin is an american technology; it embodies every single ethos of our country and on top of that, not only is it an asset that allows people to protect their purchasing power by owning the asset but theres also payment rails, that prevent a resilience to censorship and prevent Having to ask permission of anyone to use those payment rails, its the most american payment system in the world, its global theres, nobody in charge its all democratic access, driven payment systems, anyone in the world, regardless of your race, your wealth, your education, who you know where You live what language you speak. What your religion is, how you identify any aspect of you as a human does not matter. If you have an internet connection, youre invited you can participate in the system. It is the most american payment system in the world, and on top of that, we now have the oil and gas industry the pinnacle of american capitalism theyre.
All in on this, we are seeing an immense eruption in growth of energy producers in the united states, moving their energy to support the bitcoin network to secure that network to participate in the mining programs. That is where america is going, the people at the top havent. Yet realized it, but this is the censorship resistant technology. This is what protects your purchasing power. This is what the american capitalists are going to do, and the winners of the future are going to be the ones that get on board the win. The losers of the future are the ones who are going to completely avoid it to say that getting out of the dollar into an investment is a jihadist call is exactly what a rich person would say. Instead, i would say we should do the best we possibly can to not only make the 55 of people who hold investments get allocated, but on top of that, the 45 of americans who have no investments at all, we should work our asses off to educate them And get them invested as well doesnt matter what the asset is that they buy. We just have to help them get financially educated, so they can actually get into the market most portfolios, pension plans and large organizations. They still have 35 40 of the investments in negative, yielding real return assets like treachery bonds. Is that what we should do? Should we tell people to buy assets that are guaranteed to lose money that doesnt make a lot of sense, and on top of that, when you start to understand that bitcoin actually is a boom for the dollar, it is not competitive with the us dollar twitter.
Just integrated with strike in the lightning network, i can now send dollars across the lightning network to anyone in the world instantaneously completely for free. It completely disrupts all of the legacy payment systems, but i use dollars. I send dollars and the person on the other end receives dollars. That is the future. It doesnt mean that the dollar is going to go away. In fact, what it means is that the payment rails are going to support all currencies. Any currency can be used. I can use dollars, i can use euros, i can use yen yuan or i can use bitcoin, but there is a multi currency world that is coming and if you think that simply because now there is global monetary competition thats, a jihadist call, you might be somebody Who doesnt really understand whats going on here, because this is american technology? This is a technology that brings freedom around the world. Imagine how much pain and suffering is delivered by dictators and people who abuse their monetary policy and punish their citizens, push them further and further into dire financial situations. Now, if those people simply buy bitcoin theyre protected, they dont have to worry about. Is my government good or bad? Are they going to censor me? Are they going to confiscate my assets? Bitcoin is a freedom technology, its the most american technology. We have and its disappointing to see people who have built a life of wealth off the back of those american ethos, turn and say: hey.
This doesnt help people its probably going to do more for the world than all philanthropy combined because its going to solve from a first principle, standpoint: stanley, druckenmiller another wall street peer to ken griffin, somebody that ken griffin, probably respects and stanley definitely respects ken griffin as Well, stanley druckenmiller has clearly stated that the federal reserve and the monetary policy is the number one contributor to wealth and equality in the world. Bitcoin fixes that and so to say that the same thing thats going to fix the wealth inequality gap is a jihadist call, makes zero sense to me. What do you think john? You need opportunity money, but cash is trash. You do not want to hold cash. In my mind, your money is getting devalued at five six percent a year right now, through inflation, um and look. If you live in america, you can participate in the kind of capitalism structure we have set up today. If you live anywhere in the world with access to the internet, you can participate in the bitcoin environment and kind of structure that is established today. Um. I dont really see this being against the dollar. The only kind of argument i could see is that it could draw away gdp from our country all right, um, so kind of make us less of an economic power, but other than that. I dont see this being a big issue at all and i dont even really see that being an issue, so so griffin said uh to bloomberg.
The quote was that what a crazy concept it is that we, as a country embrace so many young or bright young, talented people to come up with a replacement for our reserve currency, yes, thats exactly what we should do. Yes, why wouldnt? We embrace that if we dont do it, someone else is going to do it. Yes, thats exactly what we should do, so i think his frustration is around the attention that its obviously gotten and the amount in the quality of people that are working on it. But to your point yet look he doesnt, i dont, think believe in the kool aid that hes drinking himself right like i was just looking it up uh very quickly. Here the guy has a portfolio of almost a billion dollars worth of real estate. He owns the most expensive real estate in in the united states. He bought a townhouse in new york city for 250 million dollars. He has so much art collects art, has so much art that he loans it out to museums across the country literally has too much. He said just take it just hold on to it for me, literally so hes, obviously uh kind of not believing in what hes saying himself hes out of the dollar himself. He obviously has a bunch of investments. This is another category. I think hes more frustrated uh that the that, while other countries like china and some of these other places might have said, hey look were going to protect ourselves and were going to protect kind of our currency and our monetary system.
The u.s has has at least to our knowledge so far, embraced it right and said: hey look were gon na, allow people operating this way. Uh theyve come out and said that theyre not gon na theyre, not looking to ban any of this stuff depending on how it is theyre gon na regulate some of it et cetera, but ultimately yeah like weve, been on the uh on the right side. So far of embracing it right and allowing people to operate in the right capacity and build companies and attract young and talented people like he said to these companies into this network into this new financial system. So i think his frustration is more about uh, similar with jamie dimon right. He lives in the legacy world right and its its about protecting that status quo and protecting uh himself and his uh, his wealth and his family and all this kind of stuff right. So i think uh at the end of the day, hes just a little angry uh.