Billionaire Seth Klarman: “Crypto Investors…”

hedge fund manager Seth Klarmanis known for its ‘skeptical’ attitude towards cryptocurrencies. According to a new report by Business Insider, the famous billionaire has issued a statement that will renew his skeptical views. As we mentioned, the chairman of Boston-based Baupost Group shared an opinion that he predicts crypto investors might burst into tears.

With an estimated net worth of $1.2 billion, Klarman believes cryptocurrencies are pointless.

american business person bitcoinHe often condemns, criticizing the excessive power consumption of . According to Klarman, he believes it is “crazy” to spend large amounts of energy on solving mathematical problems that need to be solved first and foremost.

In addition to his skeptical view of Bitcoin ‘altcoinThe billionaire, who often states that he does not understand why the assets known as ‘ exist, also expresses that he is surprised by the existence of many different crypto assets.

Following his recent comments, Klarman joined other billionaire crypto skeptics such as Microsoft co-founder Bill Gates and Berkshire Hathaway CEO Warren Buffett.

The billionaire had previously made fun of himself by stating that he would buy all cryptocurrencies in circulation for as little as $25. Despite his disdain for Bitcoin, Klarman thinks he is a gold fan and believes it is “wise” for someone to have at least some yellow metal in their portfolio.

Bitcoin has massively underperformed against gold since the start of 2022. The yellow metal rose slightly year-over-year, while its digital rival fell more than 56%.
The world’s largest cryptocurrency has also lost an astonishing 70% from its record high last November.

You can follow the current price action here.

Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.

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