Billionaire Lee Cooperman still doesn’t trust Bitcoin (BTC), even though the price of cryptocurrency has risen by more than 300% since December 2017.
So said the experienced investor on Thursday CNBCthat Bitcoin is just hard to understand for people his age. To this end he explains:
“I’m very careful with Bitcoin. It just doesn’t make any real sense to me, so if you are unsure about everything that is going on in the world, then in my opinion you should use gold as a store of value. “
Cooperman’s assessment coincides with his previous statements about the market-leading cryptocurrency. At the end of 2017, when BTC was in the record run at the time, he had already expressed a lack of understanding about them.
In an interview with Bloomberg at the beginning of 2021, he again admitted that he was “simply too old for NFTs, Bitcoin and stuff like that”. Accordingly, these investment products would simply be incomprehensible to him, which is why he would prefer to invest in “something tangible like stocks”.
At the same time, the head of Omega Advisors doubts that Bitcoin can become the global reserve currency in the future, because the USA would not just give up the supremacy of the US dollar.
As is well known, El Salvador already dared to take the step of making crypto currency the official means of payment on September 7th. Depending on whether this will result in economic benefits for the country, other Central American countries may well follow suit.
The argument that gold is the better store of value lags badly given the price performance compared to Bitcoin over the past decade.
Because while the crypto market leader has achieved a massive plus of more than 300,000% in this period, the precious metal even shows a minus over 10 years.
As Cointelegraph previously reported, Mike McGlone, an analyst at Bloomberg Intelligence, also assumes that Bitcoin will replace gold in the future.