From Fortune, November 15:
Billionaire investor Ken Griffin is worried about ‘the 20-something-year-olds to 40-year-olds who are so engaged in crypto’ and FTX’s trust-destroying blowup
The collapse of FTX is likely to impact hundreds of thousands of investors, many of whom are Gen Zers. And Ken Griffin, founder and CEO of the Citadel hedge fund, says he’s worried the ripple effects could put generations off investing for some time.
“FTX is one of these absolute travesties in the history of financial markets,” Griffin said at the Bloomberg New Economy Forum in Singapore on Tuesday. “People are going to lose billions of dollars and that undermines trust in all financial markets.”
That lost confidence in the financial system could put a generation at risk of not having enough put aside for retirement—and could, presumably, impact the recovery from the recent market drops.
Because they were burned by heavy investments in crypto, Griffin theorized, younger people could be wary of traditional investments like stocks, bond and debt. And that hesitation is where the trouble could lie....
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For, if they should leave Robinhood...
