By his own admission, Lee Cooperman still doesn’t understand Bitcoin (BTC), despite its price having increased by more than 300% since the beginning of December 2017.
During an interview with CNBC on Thursday, the billionaire investor addressed people of advanced age who have difficulty understanding Bitcoin. stating:
“I would be very careful with Bitcoin: I don’t think it makes much sense. If you are nervous about the world situation, gold – for me – remains the best asset to preserve value “.
Cooperman’s statements on Thursday are in line with previous comments on Bitcoin. In December 2017, as BTC was experiencing a price hike, Cooperman expressed its confusion for BTC.
In early 2021, Cooperman said in an interview with Bloomberg:
“I’m definitely too old for NFT, Bitcoin and stuff like that. I don’t understand these things. To me it’s madness. It doesn’t make any sense. I’m a classic investor, dedicated to stocks.”
The president of Omega Advisors has also apparently questioned whether Bitcoin could become a global currency, saying it is not in the interest of the United States to promote an alternative to the US dollar.
On September 7, El Salvador officially became the first nation to adopt Bitcoin as legal tender. Some market pundits claim that other Central American nations could follow El Salvador’s example, if the decision were to bring significant economic benefits.
Cooperman’s argument that gold is one better store of value than Bitcoin it goes against their respective performances over the past decade.
While Bitcoin has been providing returns in excess of 300,000% recently 10-year gold yields have even turned negative (-3%).
As Cointelegraph previously reported, Bloomberg Intelligence analyst Mike McGlone said that Bitcoin is set to replace gold.