About This Source - CNBC Television
CNBC is an American pay television business news channel, which primarily carries business day coverage of U.S. and international financial markets. Following the end of the business day and on non-trading days, CNBC primarily carries financial and business-themed documentaries and reality shows.
As of February 2015, CNBC is available to approximately 93,623,000 pay television households (80.4% of households with television) in the United States.
Recent from CNBC Television:
CNBC Television published this video item, entitled “Citadel CEO Ken Griffin: I don’t see ‘economic underpinning’ of cryptocurrencies” – below is their description.
“I just don’t spend much time thinking about cryptocurrencies… I don’t see the economic underpinning of cryptocurrencies. I understand how to value a stock —the net present value of earnings —I understand how to think about currency exchange rates around the world,” Citadel CEO Ken Griffin said to Andrew Ross Sorkin on CNBC’s “Squawk Box.” “I don’t know how to think about what is effectively a digital token.” For access to live and exclusive video from CNBC subscribe to CNBC PRO: https://cnb.cx/2NGeIvi
Ken Griffin, who runs a sprawling Wall Street empire that includes market-making operations and a hedge fund, was dismissive of cryptocurrencies on Friday even as some see the emerging asset as the future of finance.
“I just don’t spend much time thinking about cryptocurrencies,” the founder and CEO of Citadel told CNBC’s Andrew Ross Sorkin on “Squawk Box.” “I don’t see the economic underpinning of cryptocurrencies. I understand how to value a stock — the net present value of earnings. I understand how to think about currency-exchange rates around the world.”
“I don’t know how to think about what is effectively a digital token,” Griffin added.
Bitcoin has soared in recent months, boosted in part by adoption from major financial institutions, investors and companies, including Tesla. Employees and customers of major Wall Street banks are also pushing for greater involvement in cryptocurrencies.
Bank of New York Mellon, the oldest U.S. bank, said on Feb. 11 it will start financing bitcoin and other digital currencies.
Citadel Securities is the market maker that handles about 40% of the daily retail trading in the U.S., making it one of the biggest companies involved in the country’s financial plumbing. Griffin also founded a hedge fund named Citadel.
Bitcoin traded above $53,000 on Friday, according to Coin Metrics, putting its six-month gain at more than 350%.
Griffin’s comments on cryptocurrencies came during an interview regarding Citadel’s role in the GameStop saga. The firm handled retail trades from discount brokerage Robinhood during the Reddit-fueled short squeeze on the stock, and Griffin testified before Congress on Thursday.
The Citadel hedge fund also made an investment in January in Melvin Capital, one of the funds hit hardest by GameStop’s rapid rise. Griffin defended that decision on Friday.
» Subscribe to CNBC TV: https://cnb.cx/SubscribeCNBCtelevision
» Subscribe to CNBC: https://cnb.cx/SubscribeCNBC
» Subscribe to CNBC Classic: https://cnb.cx/SubscribeCNBCclassic
Turn to CNBC TV for the latest stock market news and analysis. From market futures to live price updates CNBC is the leader in business news worldwide.
The News with Shepard Smith is CNBC’s daily news podcast providing deep, non-partisan coverage and perspective on the day’s most important stories. Available to listen by 8:30pm ET / 5:30pm PT daily beginning September 30: https://www.cnbc.com/2020/09/29/the-news-with-shepard-smith-podcast.html?__source=youtube%7Cshepsmith%7Cpodcast
Connect with CNBC News Online
Get the latest news: http://www.cnbc.com/
Follow CNBC on LinkedIn: https://cnb.cx/LinkedInCNBC
Follow CNBC News on Facebook: https://cnb.cx/LikeCNBC
Follow CNBC News on Twitter: https://cnb.cx/FollowCNBC
Follow CNBC News on Instagram: https://cnb.cx/InstagramCNBC
#CNBCTVCNBC Television YouTube Channel
Got a comment? Leave your thoughts in the comments section, below. Please note comments are moderated before publication.
In This Story: Bitcoin
Bitcoin is a cryptocurrency invented in 2008 by an unknown person or group of people using the name Satoshi Nakamoto and started in 2009 when its implementation was released as open-source software.
4 Recent Items: Bitcoin
In This Story: GameStop
GameStop (NYSE: GME) is an American video game, consumer electronics, and gaming merchandise retailer. The company is headquartered in Grapevine, Texas, United States, a suburb of Dallas, and operates 5,509 retail stores throughout the United States, Canada, Australia, New Zealand, and Europe as of February 1, 2020.