Bitcoin does not make a great deal of sense, according to billionaire Lee Cooperman


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By his personal admission, Lee Cooperman nonetheless doesn’t perceive Bitcoin (BTC), regardless of its being up greater than 300% since early December 2017.

Talking to CNBC on Thursday, the billionaire investor alluded to individuals his age having a tough time understanding Bitcoin, adding:

“I’d be very cautious with Bitcoin; I don’t suppose it makes quite a lot of sense and in case you are nervous concerning the world, gold — to me — can be a greater place to retailer worth.”

Cooperman’s statements on Thursday are in step with earlier feedback about Bitcoin. Again in December 2017 when BTC was on a bullish worth advance, Cooperman expressed his confusion about BTC.

Earlier in 2021, Cooperman said in an interview with Bloomberg surveillance that “On NFTs, bitcoin, stuff like that — I am too outdated. I do not perceive that stuff. It is loopy to me. It is unnecessary. I am a meat-and-potatoes man, a shares man.”

The Omega Advisors chairman additionally seemingly solid doubts on whether or not Bitcoin might turn out to be a worldwide foreign money, stating that it was not within the curiosity of america to advertise a substitute for the U.S. greenback.

Associated: Sept. 7 is ‘Bitcoin Day’ in El Salvador as BTC becomes legal tender

On Sept. 7, El Salvador formally turned the primary nation to undertake Bitcoin as authorized tender. Some market commentators say different Central American nations could also be incentivized to comply with El Salvador’s lead if the transfer yields important financial advantages.

Cooperman’s argument that gold is a better store of value over Bitcoin flies within the face of their respective performances over the past decade.

Whereas Bitcoin has delivered over 300,000% returns within the final decade, gold’s 10-year returns recently flipped negative. As of the time of writing, gold’s 10-year price-performance sits at unfavorable 3%.

As beforehand reported by Cointelegraph, Bloomberg Intelligence analyst Mike McGlone has mentioned that Bitcoin is set to replace gold.