Bitcoin doesn’t make a lot of sense, according to billionaire Lee Cooperman

Lee Cooperman says he still doesn’t understand Bitcoin, even though BTC has increased by more than 300% since the beginning of December 2017.

In a conversation with CNBC on Thursday, the billionaire investor alluded to people his age who are confused about Bitcoin. Add:

“I would be cautious with Bitcoin; I don’t think that makes much sense, and if you are worried about the world, then gold would be a better place for me to store value. “

Cooperman’s statements on Thursday are in line with previous comments on Bitcoin. Back in December 2017, when BTC was on the rise, Cooperman expressed his confusion about BTC.

In early 2021, in an interview with Bloomberg Supervisor, Cooperman stated: “With NFT, Bitcoin, things like that – I’m too old. I don’t understand this stuff; it’s crazy to me; it doesn’t make any sense. I’m a butcher and potato type, stock type. “

The president of Omega Advisors also seems to have doubts whether Bitcoin can ever become a global currency, stating that promoting an alternative to the US dollar is not in the US interest.

Related: September 7 is “Bitcoin Day” in El Salvador when BTC becomes legal tender.

On September 7, El Salvador became the first country to accept Bitcoin as legal tender officially. Some market commentators say other Central American countries could be encouraged to follow El Salvador’s lead if the move brings significant economic benefits.

Cooperman’s argument that gold is a better store of value than Bitcoin is noteworthy given their respective practices over the past decade.

While Bitcoin has returned over 300,000% in the past decade, gold’s 10-year returns have recently turned negative. At the time of going to press, the 10-year price trend for gold was minus 3%.

As Cointelegraph previously reported, Bloomberg Intelligence analyst Mike McGlone said that Bitcoin would replace gold.