Seth Klarman calls the idea of bitcoin mining “crazy”
Hedge fund manager Seth Klarman is among the billionaires who are highly suspicious of cryptocurrencies.
As Business Insider reports, the head of Boston-based BeauPost Group has predicted that crypto investors may have tears in their eyes.
Klarman, whose net worth is estimated at $1.2 billion, believes crypto is pointless.
US businessman denounces bitcoin’s excessive power consumption. He believes that it is “crazy” to waste large amounts of energy on solving mathematical problems that need to be solved first.
With his most recent anti-Bitcoin comments, Klarman joins other billionaire crypto skeptics such as Microsoft co-founder Bill Gates and Berkshire Hathaway CEO Warren Buffett. As U.Today reports, the former recently said that it would buy all existing coins in circulation for as little as $25.