By his personal admission, Lee Cooperman nonetheless doesn’t perceive Bitcoin (BTC), regardless of its being up greater than 300% since early December 2017.
Chatting with 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 an excessive amount of sense and if you’re 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 value advance, Cooperman expressed his confusion about BTC.
Earlier in 2021, Cooperman acknowledged in an interview with Bloomberg surveillance that “On NFTs, bitcoin, stuff like that — I am too previous. I do not perceive that stuff. It is loopy to me. It is not sensible. I am a meat-and-potatoes man, a shares man.”
The Omega Advisors chairman additionally seemingly solid doubts on whether or not Bitcoin may grow to be a worldwide forex, stating that it was not within the curiosity of the USA to advertise a substitute for the U.S. greenback.
On Sept. 7, El Salvador formally grew to become the primary nation to undertake Bitcoin as authorized tender. Some market commentators say different Central American nations could also be incentivized to observe 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 adverse 3%.
As beforehand reported by Cointelegraph, Bloomberg Intelligence analyst Mike McGlone has stated that Bitcoin is set to replace gold.