Cooperman: If you don't understand Bitcoin it means you're old
Cooperman: If you don't understand Bitcoin it means you're old Cooperman: If you don't understand Bitcoin it means you're old

The CEO of Omega Advisors has encouraged people to stick with gold instead of bitcoin in times of economic uncertainty as it is, in his opinion, a far better store of value.

Although American billionaire Leon (Lee) Cooperman still maintains that bitcoin doesn’t make much sense, he confessed that those who don’t understand cryptocurrency might just be too old. Furthermore, he also warned investors and the U.S. government to be extra cautious when handling digital assets.

Too old for bitcoin?

The impressive price growth over the past few years and reaching a capitalization of $1 trillion earlier this year has undoubtedly attracted the attention of many prominent investors outside the industry to the cryptocurrency.

They usually fall into two groups – those who see the advantages of BTC and put money into it – like Paul Tudor Jones III – and those who prefer to stay away from it and criticize it – like Warren Buffett.

Lee Cooperman, American billionaire investor and chairman and CEO of Omega Advisors, seems to be a member of the latter group. A few years ago, when bitcoin was peaking at $20,000, Cooperman argued that cryptocurrency made little sense to him.

In an interview with CNBC, he re iterated his position. However, he pointed out that the factor that prevents him from understanding bitcoin could be his age.

If you don’t understand bitcoin, it means you’re old. I’m 78 years old. I’m old. I don’t understand it.”

Be careful with bitcoin

Although Cooperman admitted that his knowledge of the cryptocurrency is insufficient, he warned the U.S. government to be very vigilant about how it interacts with it.

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Moreover, he seemed certain that the authorities should not follow El Salvador‘s example to officially accept BTC as a legal currency. He believes that seeing bitcoin as a substitute for the US dollar is not in the interest of the US government.

Cooperman has described himself as a “paper guy” who believes in the American economy. He advised those who fear their economic future to turn to gold instead of BTC because the precious metal “is a better place to store value.”

It is worth noting that

The price of gold relative to the dollar is somewhat similar to what it was a decade ago. In contrast, bitcoin has become the best performing asset over the past decade with an ROI

of 8,900,000%. Looking just on an annualized basis, BTC is up 60% since the beginning of 2021, while gold is down over 5%.

From the Editor

This article neither in whole nor in part constitutes a “recommendation” within the meaning of the Act of 29 July 2005 on trading in financial instruments or Regulation (EU) No 596/2014 of the European Parliament and of the Council of 16 April 2014. on market abuse (Market Abuse Regulation) and repealing Directive 2003/6/EC of the European Parliament and of the Council and Commission Directives 2003/124/EC, 2003/125/EC and 2004/72/EC and Commission Delegated Regulations (Ue) 2017/565 of 25 April 2016 supplementing Directive 2014/65/EU of the European Parliament and of the Council as regards organisational requirements and operating conditions for investment firms and defined terms for the purposes of that Directive. Thecontent contained on the website does not meet the requirements for recommendations within the meaning of the aforementioned Act, inter alia, it does not contain a specific valuation of any financial instrument, it is not based on any valuation method, and it does not specify investment risk

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