Billionaire Seth Klarman highlighted in an interview with Harvard University that he could not see the point of digital assets because people would not need to own them.
Billionaire Seth Klarman, an American investor, and hedge fund manager, is the latest wealthy personality to open up and share his thoughts against Bitcoin and crypto assets. He said in an interview with Harvard Business School that he could not see the point of digital assets.
Klarman is the CEO and portfolio manager of the Baupost Group, a Boston-based hedge fund he co-founded in 1982. The investment firm moves around $30 billion. According to Forbes, his estimated net worth fluctuates around $1.5 billion.
Klarman spoke about various subjects, including the current global crisis, gold, and crypto. Regarding digital assets, Klarman said he could not see the point of having digital assets. It has this feeling of being like just catnip to techies.
He added that the idea of using more energy than a country to mine extra crypto, to solve mathematical problems that would not need to get solved seems a crazy task.
He further wondered why people would need 10 or 50 different digital assets. He does not think anyone needs to own them. On gold and the dollar, Klarman acknowledged that he does trust gold because he thinks gold is a valuable asset during a crisis.
The World Becomes Hell and the Conflict Spreads
The billionaire thinks that people will worry about having enough gold because they would not want to run out of money in a desperate moment.
Regarding the US dollar, he noted that The United States of America had an advantage as the dollar has been the world’s reserve asset for a long time. It is unlikely to change anytime soon.
However, he does not believe that a replacement for the dollar will come from China. He said it is hard to imagine people accepting the Chinese currency, but he would not see crypto assets as a substitute for the dollar.
Anti-Bitcoin Rich Club
Klarman is a member of a kind of anti-crypto millionaire club. The billionaire Sam Zell recently explained why he stayed away from Bitcoin at all costs. And another wealthy personality, Jeffrey Gundlach, highlighted that it would not be a surprise if BTC fell to a figure registered at $10,000. Another of the rich who opened up his mind against crypto was Charles Munger, who said that he wished Bitcoin had never existed.
By: Jenson Nuñez
