Billionaire Seth Klarman Predicts Crypto Buyers Will End Up in Tears

Hedge fund manager Seth Klarman is among those billionaires who are highly skeptical of cryptocurrencies.

The head of the Boston-based Baupost Group predicts that crypto investors may end up in tears, Business Insider reports.

Klarman, whose net worth is estimated to be $1.2 billion, believes that crypto is pointless.

The American businessman decried Bitcoin’s excessive power consumption. He believes that it is “crazy” to waste vast amounts of energy to solve mathematical problems that do need to be solved in the first place. 

With his most recent anti-Bitcoin comments, Klarman has joined other billionaire crypto skeptics of the likes of Microsoft co-founder Bill Gates and Berkshire Hathaway CEO Warren Buffett. As reported by U.Today, the former recently said that he would buy all of the existing coins in circulation for as little as $25.