I don’t see the point of cryptocurrency – no one needs to own it – market and price bitcoin news

Billionaire investor Seth Klarman says he doesn’t see the point in cryptocurrencies. “I don’t think anyone needs to have it. It might end up in tears, in my opinion,” he added.

Seth Klarman on Crypto Investing, Gold and the U.S. Dollar

US billionaire investor and hedge fund manager Seth Klarman shared In a Harvard Business School interview released this week, his views on a variety of topics including cryptocurrencies, gold and the U.S. dollar.

Klarman is the CEO and portfolio manager of the Baupost Group, a Boston hedge fund he co-founded in 1982. The investment firm currently manages about $30 billion in assets. His net worth is estimated at $1.5 billion, according to Forbes.

On the topic of cryptocurrencies, Klarman said:

I don’t see the point of encryption. I feel like it’s like catnip for technicians.

“The idea that we use more energy than the country of Iceland to mine additional cryptocurrencies and solve math problems that don’t need to be solved seems crazy to me,” he added.

“Why do people need 10 or 50 different cryptocurrencies? I don’t get it,” the billionaire investor continued, emphasizing:

I don’t think anyone needs to have it. It might end up in tears in my opinion.

In contrast, Klarman said: “I’m a fan of gold. I think gold has value in a crisis.”

The boss of Baupost Group also commented on the dollar. “For a long time, the U.S. has had the huge advantage of the dollar as the world’s reserve currency. That’s unlikely to change anytime soon,” he said.

The billionaire noted that “it’s hard to imagine people accepting Chinese currency,” adding:

It’s hard to imagine people accepting cryptocurrencies. There are too many uncertainties.

Klarman has long been a crypto skeptic.He has previously linked bitcoin with trade sardines.

The head of Baupost Group is a proponent of value investing, a strategy championed by legendary investors like Warren Buffett and Benjamin Graham. Klarman has been dubbed “the next Warren Buffett” and “Boston’s Oracle.”

Buffett also doesn’t see value in Bitcoin and cryptocurrencies. He has previously stated that Bitcoin “could be rat poison squared.”In May, he said won’t pay $25 For all bitcoins in the world.

What do you think of the comments made by Baupost Group CEO Seth Klarman? Let us know in the comments section below.

Kevin Helms

As an Austrian economics student, Kevin discovered Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open source systems, network effects, and the intersection between economics and cryptography.

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