Billionaire investor Ken Griffin, the founder and CEO of multinational hedge fund Citadel, warned that the collapse of cryptocurrency giant FTX could weaken confidence in financial markets at large and hurt the ability of younger investors to save for retirement.
Griffin expressed concern that losses sustained by younger investors who lost money due to FTX may make them less likely to invest their savings in capital markets, including traditional instruments like stocks and bonds.
Representations of cryptocurrencies are seen in front of displayed FTX logo and decreasing stock graph in this illustration taken Nov. 10, 2022. "The confidence, though, of a generation in financial markets has also been shaken. That's really awful because the 20-some-year-olds to 40-year-olds who are so engaged in crypto — they've got to save for their retirement, and if they don't believe or trust in financial markets, this is a huge problem. They need to own stocks, they need to own corporate debt, they need to partake in our global capital markets," Griffin said.
United States Latest News, United States Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
TSM FTX drops FTXFTX had signed a huge sponsorship deal with TSM.
Read more »
FTX implosion could affect 'more than one million' investors | EngadgetBankruptcy documents filed by FTX indicate that it currently faces more than 100,000 creditors, a number that could expand to over one million..
Read more »
The Fall of Crypto's Golden Boy - The Journal. - WSJ PodcastsUntil last week, FTX founder Sam Bankman-Fried was the face of crypto. Admirers saw him as an approachable, friendly billionaire eager to deploy his wealth for good. Then his crypto empire imploded, leaving hundreds of thousands of investors’ assets in doubt. WSJ’s Greg Zuckerman profiles the man behind FTX. Further Reading: -How FTX’s Sam Bankman-Fried Went From Crypto Golden Boy to Villain -FTX Tapped Into Customer Accounts to Fund Risky Bets, Setting Up Its Downfall -Alameda, FTX Executives Are Said to Have Known FTX Was Using Customer Funds -FTX’s Collapse Leaves Employees Sick With Anger Further Listening: -How Crypto Giant FTX Suddenly Imploded
Read more »
Here’s one sign the FTX crypto implosion hasn’t wrecked many stock investors — so farBankrupt crypto exchange FTX's creditors number in the millions, but so far most stock investments — and investors — have been spared from the fallout.
Read more »
Ken Griffin, Republican megadonor, says GOP ready to 'move on' from TrumpGriffin called Trump a 'three-time loser' and said he hopes the former president 'sees the writing on the wall.'
Read more »
Citadel CEO on FTX debacle: 'The turf war by American regulators has got to end'Citadel CEO on FTX debacle: 'The turf war by American regulators has got to end' by Yogita_Khatri5
Read more »