Billionaire investor Seth Klarman and head of the Baupost Group said he saw the value of holding some gold as uncertainty continues to dominate the market. At the same time, he touted cryptocurrencies as pointless.In a recent interview with Das Narayandas, a professor at the Harvard Business School, Klarman warned that the US economy faced a challenging environment of slower economic growth and rising inflation. He added even with the current sell-off equity markets are still too elevated. He noted that equity markets will continue to slide as interest rates move higher.The bond market has been in a bull market for 35 years so far, and the current sell-off could be a big shock for investors who have been forced to take more risk to find higher yields.Although Klarman expects interest rates to continue rising, he sees a limit to the Federal Reserve's aggressive actions.Klarman also believes that he expects the US dollar to remain the world's dominant reserve currency in the near future.Turning to cryptocurrencies, Klarman said it was not something investors should own."I can't see the point of crypto. It has this feel to me of being like catnip for techies", the billionaire said.
