Billionaire media mogul Barry Diller calls cryptocurrencies a ‘con,’ and says price forecasts are ‘nutso’

Billionaire media mogul Barry Diller calls cryptocurrencies a ‘con,’ and says price forecasts are ‘nutso’

Cryptocurrencies are a "con," billionaire investor on Friday. He voiced his distrust of the asset class that's been dragged sharply lower this week largely on regulatory concerns. The chairman of IAC, which runs internet and media brands including Care.com and the Daily Beast, initially balked at the question from "Squawk Box" about his thoughts on digital currency but quickly proceeded to answer. "Yeah, absolutely," as he confirmed his view that cryptocurrency is 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,'" he said. Diller, also the chairman of and founder of Fox Broadcasting, made his comments on the same day that swung down 10% after China surrounding the world's largest cryptocurrency. China's statement led by Vice Premier Liu He threw off course bitcoin's attempt to recover losses from its slide of more than 35% in a matter of days. A mid-week selloff was sparked after the People's Bank of China said by financial institutions. Other cryptocurrencies including , the token of the Ethereum blockchain, were also slammed lower in the wake of China's regulatory threats. Diller sat down with CNBC in