Bitcoin doesn’t make much sense: billionaire investor Lee Cooperman

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The cryptocurrency has grown rapidly over the past year, but many investors are not sure yet. One of them is Lee Cooperman. The billionaire US investor and hedge fund manager says he still doesn’t understand Bitcoin. Speaking to CNBC, he stopped just before criticizing Bitcoin, saying only that people his age struggle to understand the world’s largest cryptocurrency. He made it clear that he believed it was not in the best interests of the US government to continue replacing the dollar.

i have great respect for [media mogul] Barry Diller. And I think he was online recently and I think he said Bitcoin was a scammer ‘. I don’t know if this is a crook’s job, but I’m taking the easy way out. I say: if you don’t understand Bitcoin, it means you are old. I am 78 years old. I am old. I don’t understand it, Cooperman said in an interview. He added that Bitcoin doesn’t make much sense and that he would be very careful when dealing with it.

The chairman of Omega Advisors, a New York-based investment advisory firm, also seemed uncertain about Bitcoin’s prospects of becoming a global currency, saying it was not in the United States’ best interest to promote an alternative to the US dollar. He said if people are nervous about where the world is going and want to save money for the future, then gold should be their preferred choice.

“If you don’t understand #bitcoin, that means you’re old. I’m 78. I’m old. I don’t understand it,” says Lee Cooperman. “I’d be very careful with #btc. It doesn’t make a whole lot of sense, and if you’re nervous about the world, gold would be a better place for me to store value.” pic.twitter.com/OANWHHjpWx

Squawk Box (@SquawkCNBC) September 9, 2021

Cooperman’s statement is consistent with his stance on cryptocurrency since at least 2017, when Bitcoin was relatively less popular. Although Bitcoin, and largely all other cryptocurrencies are ripe with unpredictability, several young billionaire entrepreneurs, including Elon Musk and Michael Saylor, have shown faith in the potential of cryptocurrency to become the currency. global or at least reach a level to become legal tender with fiat money.

On September 7, El Salvador officially adopted Bitcoin as legal tender alongside the US dollar. Although the initial deployment hiccups caused the price of Bitcoin to drop, the virtual currency has now stabilized. As of September 11, the price of Bitcoin in India stood at Rs. 36.04 lakhs.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting Founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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