https://www.cnbc.com/2021/05/21/media-mogul-barry-diller-says-cryptocurrencies-are-a-con.html Skip Navigation logo logo Markets * Pre-Markets * U.S. Markets * Currencies * Cryptocurrency * Futures & Commodities * Bonds * Funds & ETFs Business * Economy * Finance * Health & Science * Media * Real Estate * Energy * Environment * Transportation * Industrials * Retail * Wealth * Life * Small Business Investing * Invest In You * Personal Finance * Fintech * Financial Advisors * Trading Nation * Options Action * ETF Street * Buffett Archive * Earnings * Trader Talk Tech * Cybersecurity * Enterprise * Internet * Media * Mobile * Social Media * Venture Capital * Tech Guide Politics * White House * Policy * Defense * Congress * Finding Solutions CNBC TV * Live TV * Live Audio * Business Day Shows * The News with Shepard Smith * Entertainment Shows * Full Episodes * Latest Video * Top Video * CEO Interviews * CNBC Documentaries * CNBC Podcasts * CNBC World * Digital Originals * Live TV Schedule Watchlist PRO * Pro News * Pro Live * Subscribe * Sign In Menu * Make It * USA * INTL * watchlive Search quotes, news & videos SIGN IN logo Markets * Pre-Markets * U.S. Markets * Currencies * Cryptocurrency * Futures & Commodities * Bonds * Funds & ETFs Business * Economy * Finance * Health & Science * Media * Real Estate * Energy * Environment * Transportation * Industrials * Retail * Wealth * Life * Small Business Investing * Invest In You * Personal Finance * Fintech * Financial Advisors * Trading Nation * Options Action * ETF Street * Buffett Archive * Earnings * Trader Talk Tech * Cybersecurity * Enterprise * Internet * Media * Mobile * Social Media * Venture Capital * Tech Guide Politics * White House * Policy * Defense * Congress * Finding Solutions CNBC TV * Live TV * Live Audio * Business Day Shows * The News with Shepard Smith * Entertainment Shows * Full Episodes * Latest Video * Top Video * CEO Interviews * CNBC Documentaries * CNBC Podcasts * CNBC World * Digital Originals * Live TV Schedule Watchlist PRO * Pro News * Pro Live * Subscribe * Sign In Menu Markets Media mogul Barry Diller says cryptocurrencies are a 'con' Published Fri, May 21 202112:20 PM EDTUpdated Moments Ago Jesse Pound@jesserpound ShareShare Article via FacebookShare Article via TwitterShare Article via LinkedInShare Article via Email Key Points * "This is nutso," Diller told CNBC about big crypto investments. * Diller's comments came after a volatile week in the cryptocurrency world. * A major sell-off on Tuesday and Wednesday dragged the price of bitcoin down more than 30% to $30,000 at one point before stabilizing near $40,000. In this article * BTC.CM= * DOGE.CM= * ETH= VIDEO0:2900:29 IAC chairman Barry Diller: Cryptocurrency 'is a con' Squawk Box Veteran investor and IAC chairman Barry Diller said Friday that he doesn't trust cryptocurrencies and believes that the digital assets are "a con." "I watch some of the people that you have on and they talk about it - $40,000, $12,000, whatever - I think 'this is nutso talk,'" Diller said CNBC's "Squawk Box" after originally indicating he didn't want to talk about the crypto space. Diller's comments came after a volatile week in the cryptocurrency world, in which a major sell-off on Tuesday and Wednesday dragged the price of bitcoin down more than 30% to $30,000 at one point before stabilizing near $40,000. Other crypto assets, including ether and dogecoin, also declined. The dramatic sell-off happened amid increased worry about regulation from the U.S. and China and environmental issues around bitcoin, highlighted by Tesla CEO Elon Musk. Heidi Gutman | CNBC Cryptocurrencies had surged in price in the past year as big-name investors and institutions began to embrace the new asset class, in particular bitcoin and ether. However, the rise of less serious versions like dogecoin, along with volatile moves in stocks like GameStop that gained traction on social media, have fueled concerns about speculation in financial markets. This week's volatility is not uncommon for the crypto space. In late 2017, bitcoin peaked above $19,000 before pulling back sharply, eventually losing about 80% of its value over a 12-month period. Many crypto bulls argue that bitcoin's decentralized nature and limited circulation, along with its newfound institutional backing, can help it develop a role as a store of value. Hedge fund veteran Stanley Druckenmiller said earlier this month that a potential dominant cryptocurrency for everyday commerce likely hasn't been invented yet. In the early afternoon on Friday, bitcoin was trading at just over $37,000, according to Coin Metrics. Become a smarter investor with CNBC Pro. Get stock picks, analyst calls, exclusive interviews and access to CNBC TV. Sign up to start a free trial today. logo * Subscribe to CNBC PRO * Licensing & Reprints * CNBC Councils * Supply Chain Values * CNBC on Peacock * Advertise With Us * Join the CNBC Panel * Digital Products * News Releases * Closed Captioning * Corrections * About CNBC * Internships * Site Map * Podcasts * Ad Choices * Careers * Help * Contact * * * * * * * News Tips Got a confidential news tip? We want to hear from you. Get In Touch CNBC Newsletters Sign up for free newsletters and get more CNBC delivered to your inbox Sign Up Now Get this delivered to your inbox, and more info about our products and services. Privacy Policy|Do Not Sell My Personal Information|CA Notice|Terms of Service (c) 2021 CNBC LLC. All Rights Reserved. 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