Famous Investor Peter Lynch Says He Owns No Crypto

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Legendary investor Peter Lynch stays away from cryptocurrency. The vice president of Fidelity Management & Research, known for his “buy what you know” approach to investing, told CNBC’s “Squawk Box” Tuesday morning that he had “no idea” when it comes to investing. of crypto. “I can’t pronounce crypto, I can spell it, I sure can’t pronounce it,” he joked, adding, “What bitcoin is going to be, I have no idea.” Although he seems to have little interest in investing his own money in crypto, Lynch has studied the case for investing in bitcoin. “I understand blockchain. I know how it works,” he said of the technology that powers different cryptocurrencies. “I know there is a halving coming,” he added. The “halving” is a technical event that occurs every four years that halves the reward for miners on the bitcoin network with the aim of reducing the supply of bitcoins over time. Historically, halvings have preceded bitcoin’s next all-time high. The next one will be in about a year, but it doesn’t have a specific date yet. Despite what he’s learned, crypto isn’t for him, he said. “I don’t own bitcoin or ‘ether-coin’ or Joe’s coin or Becky’s coin,” he said. Lynch declined to comment on specific investments, but said he “tends to hold small caps.” He also mentioned his regrets for not placing bigger bets on tech stocks. Lynch, 79, is known to have managed the Fidelity Magellan Fund between 1977 and 1990, during which time he helped grow its assets from less than $20 million to $14 billion. He also wrote the book “One Up on Wall Street: How to Use What You Already Know to Make Money in the Market”.

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