Billionaire investor Seth Klarman says he cannot see the point of crypto. “I don’t think anybody needs to own it. It just seems to me that it could end up very much in tears,” he added.
I can’t see the point of crypto. It has this feel to me of being like catnip for techies.
“The idea that we’re using more energy than the country of Iceland, to mine extra crypto, to 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 anybody needs to own it. It just seems to me that it could end up very much in tears.
In contrast, Klarman said: “I’m a fan of gold. I think gold’s valuable in a crisis.”
The Baupost Group boss also commented on the U.S. dollar. “The U.S. has had an enormous advantage of the dollar being the world’s reserve currency for a very long time. It’s unlikely to change anytime soon.” he opined.
Noting that “It’s hard to imagine people accepting Chinese currency,” the billionaire also said:
It’s hard to imagine people accepting cryptocurrency. There are just too many uncertainties.