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



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 assume it makes quite a lot of sense and if you’re nervous in regards to 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 forged doubts on whether or not Bitcoin may grow to be a world forex, stating that it was not within the curiosity of the USA to advertise an alternative choice to the U.S. greenback.

Associated: Sept. 7 is ‘Bitcoin Day’ in El Salvador as BTC turns into authorized tender

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 vital financial advantages.

Cooperman’s argument that gold is a greater retailer of worth over Bitcoin flies within the face of their respective performances during the last decade.

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

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