Billionaire Seth Klarman has targeted cryptocurrencies.
The chairman of Boston-based Baupost Group thinks crypto investors might burst into tears.
With a net worth of $1.2 billion, Klarman believes crypto is pointless.
The US businessman also criticized the excessive power consumption of Bitcoin. According to him, it’s insane that you spend a lot of energy solving mathematical operations.
Klarman also targeted altcoins. He said it is surprising that there are many cryptocurrencies.
Klarman’s comments on the crypto industry have put him among anti-crypto billionaires such as Microsoft co-founder Bill Gates and Berkshire Hathaway CEO Warren Buffett.
Klarman believes gold is a safe haven for the crypto industry. According to the billionaire, keeping some yellow metal in the portfolio is a very smart option.
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