Citadel founder and CEO Ken Griffin says the US dollar is losing its luster as investors pour capital into safe-haven assets.
In a new interview with Bloomberg, the billionaire investor says the weakening dollar is “really concerning” with investors now favoring gold, silver and Bitcoin (BTC).
“We’re seeing substantial asset inflation away from the dollar as people are looking for ways to effectively de-dollarize, or de-risk their portfolios vis-a-vis US sovereign risk.”
Griffin calls the recent trend of investors pouring into assets like gold and Bitcoin an unfolding “debasement trade.”
He also warns that the US economy is being propped up by monetary stimulus policy that is ordinary seen during recessions, including Fed rate cuts.
“We’re definitely on a bit of a sugar high in the US economy right now.”
Bitcoin printed a new all-time high of around $126,000 on Monday. The flagship crypto asset has since retraced, and is trading or $122,956 at time of writing, down marginally on the day.
Meanwhile, gold has increased more than 50% since the start of the year, and crossed $4,000 per ounce on Tuesday for the first time. Gold is hovering around $4,064 per ounce at time of writing.
Silver is up more than 66% since the start of the year, and is trading for around $48.15 per ounce at time of writing.
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