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Billionaire Seth Klarman: I Can’t See the Point of Crypto — Nobody Needs to Own It

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Billionaire investor Seth Klarman says he doesn’t see the point in cryptocurrencies. “I don’t think anyone should own it. It just seems to me that it could end very badly, ”he added.

Seth Klarman on investing in cryptocurrencies, gold and the US dollar

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American billionaire investor and hedge fund manager Seth Klarman. general their views on various topics, including cryptocurrency, gold and the US dollar, in an interview with Harvard Business School published this week.

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Klarman is the CEO and portfolio manager of Boston-based hedge fund Baupost Group, which he co-founded in 1982. The investment company currently manages about $30 billion. According to Forbes, his fortune is estimated at $1.5 billion.

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On the subject of cryptocurrency, Klarman said:

I don’t see the point in crypto. To me, it’s like catnip for techies.

“The idea that we use more energy than the country of Iceland to mine additional cryptocurrencies, 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 understand,” the billionaire investor continued, emphasizing:

I don’t think anyone should own it. It just seems to me that this could end very badly.

On the contrary, Klarman said: “I am a fan of gold. I think gold is valuable in a crisis.”

The Baupost Group boss also commented on the US dollar. “The US had a huge advantage in that the dollar was the world’s reserve currency for a long time. This is unlikely to change any time soon.” he expressed his opinion.

Noting that “it’s hard to imagine people accepting Chinese currency,” the billionaire also said:

It is hard to imagine people accepting cryptocurrency. Too many uncertainties.

Klarman has long been a crypto-skeptic. Previously, he compared bitcoin to sardine trade.

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

Buffett also sees no value in bitcoin and cryptocurrencies. He previously said that bitcoin is “probably rat poison squared.” In May, he said he would not pay $25 for all the bitcoins in the world.

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

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Credit : news.bitcoin.com

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