Crypto industry will likely end up being worthless, says billionaire hedge fund manager.

June 23, 2022

American billionaire Seth Klarman touted gold as a haven asset while dismissing cryptocurrencies as dangerous and pointless.

Klarman said he does not think anybody should own cryptocurrencies.

“I can’t see the point of crypto. It has this feel to me of being like a catnip for techies,” Klarman said in an interview with Harvard Business School.

Talking about the future of cryptocurrencies, the billionaire said that it could end up very much in tears.

The hedge fund manager also questioned the viability of cryptocurrency mining.

Klarman also questioned whether more and more people would adopt cryptocurrencies as a form of currency.

Bitcoin has failed to prove itself as a hedge against inflation as the entire market fell in tandem with the stock market.