Billionaire Lee Cooperman: Bitcoin doesn’t make much sense

Lee Cooperman, chairman and CEO of hedge fund Omega Advisors, admitted that although Bitcoin has risen by more than 300% since the beginning of December 2017, he still does not understand Bitcoin.

In an interview with CNBC on Thursday, the billionaire investor hinted to people that it is difficult for people his age to understand Bitcoin, and added:

“I will be very cautious about Bitcoin; I don’t think it makes much sense. If you are upset about the world, for me, gold will be a better place to store value.”

Cooperman’s statement on Thursday is consistent with previous comments about Bitcoin. In December 2017, when the BTC price was bullish, Cooperman expressed his confusion about Bitcoin.

Earlier in 2021, Cooperman said in an interview with Bloomberg Surveillance: ” In terms of NFT, Bitcoin and similar things-I am too old. I don’t understand those things. For me , It’s crazy. It’s meaningless. I’m a more pragmatic person and I like stocks.”

The chairman of Omega Advisors also seems to have doubts about whether Bitcoin can become a global currency. He said that it is not in the interests of the United States to promote an alternative currency for the US dollar.

On September 7, El Salvador officially became the first country to adopt Bitcoin as its legal tender. Some market commentators say that if this move can bring huge economic benefits, other Central American countries may be encouraged to follow the example of El Salvador.

Cooperman believes that gold is a better store of value than Bitcoin. This view is diametrically opposed to the performance of gold and Bitcoin in the past 10 years.

Bitcoin’s return rate in the past 10 years has exceeded 300,000%, while gold’s 10-year return rate has recently shown a negative value. As of the time of writing, the 10-year price performance of gold is negative 3%.

As previously reported by Cointelegraph, Bloomberg Intelligence analyst Mike McGlone stated that Bitcoin will replace gold.


Posted by:CoinYuppie,Reprinted with attribution to:
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