Legendary investor Peter Lynch is staying away from cryptocurrency . The vice chairman of Fidelity Management & Research, known for his “buy what you know” approach to investing, told CNBC’s “Squawk Box” Tuesday morning that he has “no idea” when it comes to crypto. “I can’t pronounce crypto – I can spell it, definitely can’t pronounce it,” he joked, adding, “What bitcoin’s going to be, I have no idea.” Although he appeared to have little interest in putting any of his own money into crypto, Lynch has studied the bitcoin investment case. “I do understand blockchain. I know how it works,” he said of the technology that powers different cryptocurrencies. “I know there’s a halving coming,” he added. The “halving” is a technical event that occurs every four years and cuts the reward for miners on the Bitcoin network in half with the aim of reducing the bitcoin supply over time. Historically, the halvings have preceded bitcoin’s next all-time high . The next one is about a year from now but it doesn’t yet have a specific date. Despite what he has 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 own small caps.” He also mentioned his regrets over not placing bigger bets on tech stocks . Lynch, 79, is known for managing the Fidelity Magellan Fund between 1977 to 1990, during which time he helped grow its assets from under $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.”
