While billionaires like Elon Musk support cryptocurrencies, there are other billionaires who walk miles away from this crypto sector. Hedge fund manager Seth Kalaraman is one such personality who, despite being a billionaire, does not believe in digital assets like crypto. Seth Kalaraman has said about cryptocurrencies that people who invest in crypto will one day be in big losses and in the end, they will have to cry about their decision.
Seth Kalaraman, the owner of Boston-based Baupost Group, has said that crypto investors will one day cry. A Business Insider report says that Seth considers gold a better investment option than bitcoin or cryptocurrencies. Seth has a net worth of $1.2 billion (Rs 93.98 billion) in Varman. They believe that crypto is useless in itself. No need for crypto.
This American businessman has said that how much power is being spent in mining bitcoin is wrong, and he condemns it. He believes that it is madness to spend so much energy solving mathematical problems. Apart from this, he has also questioned the need for altcoins. They are quite surprised that there are so many different cryptocurrencies out there.
Following his statement, Seth is joined by Microsoft co-founder Bill Gates and Berkshire Hathaway CEO Warren Buffett. Earlier Bill Gates said that he would like to buy all the coins currently in circulation for only $25. Along with this, Seth has praised gold and said that every investor should keep at least a little bit of gold in his investment portfolio.