Billionaire Lee Cooperman Omega Advisors chairman and CEO said people should be careful about Bitcoin, and suggested gold as a better store of value. He also believes Bitcoin does not have the ability to become a worldwide currency.
On Thursday, the billionaire investor told CNBC that people his age have trouble comprehending Bitcoin, adding:
“I’d be very careful with Bitcoin; I don’t think it makes a great deal of sense and if you are nervous about the world gold to me would be a better place to store value.”
Cooperman’s remarks on Thursday are consistent with his past remarks on Bitcoin. Cooperman revealed his confusion regarding BTC in December 2017, when BTC was on a positive price surge.
In an interview with Bloomberg surveillance in 2021, Cooperman stated: “On NFTs, bitcoin, and something like that, I’m too old.” That thing baffles me; it’s insane and makes no sense to me. “I’m a stock man, a meat-and-potatoes guy.”
The Omega Advisors chairman also appeared to cast doubt on Bitcoin’s ability to become a worldwide currency, claiming that it was not in the US’s best interests to promote a currency other than the US dollar.
El Salvador became the first country to recognize Bitcoin as legal cash on September 7. Other Central American countries may be enticed to follow El Salvador’s lead if the move provides considerable economic gains, according to certain market observers.
Cooperman’s claim that gold is a superior store of wealth than Bitcoin is contradicted by their respective performance over the last decade.
While Bitcoin has returned over 300,000 percent in the previous ten years, gold’s 10-year returns have lately turned negative. Gold’s 10-year price performance is currently negative 3% at the time of writing.
Bitcoin is likely to replace gold, according to Bloomberg Intelligence analyst Mike McGlone, as previously reported by Cointelegraph.
