Gold, not Bitcoin, remains the favorite opium of these billionaire leaders!

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Opponents of Bitcoin far outweigh its supporters of traditional finance. The reaction of many industry leaders to news of El Salvador’s adoption of cryptocurrency as legal tender has only confirmed this.

While many have hailed the movement as one for the ages, quite a few have not shied away from pointing out its supposed flaws.

One of them is Verde Capital Advisors CEO Leo Kelly. According to the executive, jurisdictions around the world declaring Bitcoin as a currency is quite exaggerated, with many put off by its “absurd volatility.” While this review is old and has been the subject of numerous objections, the timing of the statement was interesting. Especially since BTC fell below $ 45,000 after El Salvador’s announcement.

Now, while Bitcoin has since recovered, the cryptoasset has yet to recover much of its lost market cap.

Kelly didn’t stop there, however, with the executive also claiming that Bitcoin’s legitimacy has been debunked. It can neither be a good store of value nor replace gold, he added.

Bitcoin’s ‘absurd’ volatility, real or not, has been a huge deterrent for many potential investors. It should be noted, however, that Bitcoin volatility started to decrease as the supply of assets increased and more participants entered the market.

As can be seen from the chart below, 60-day BTC / USD volatility has not crossed the 10% threshold since 2014, despite the price noting sharp moves during this time frame.

Source: buybitcoinworldwide

Kelly is not alone, however. Echoing his point of view, another billionaire investor and CEO of Omega Advisors, Lee Cooperman, criticized Bitcoin for “not making a lot of sense.” While the former admitted that he had insufficient knowledge of the cryptocurrency, he nevertheless advised the US government to remain attentive to how it interacts.

According to Cooperman, the country should absolutely not follow El Salvador’s example because “Bitcoin cannot substitute for the US dollar”.

Additionally, the executive also advised people to invest in gold instead of Bitcoin, as the precious metal would be “a better place to store value.”

While the traditional investor’s gold shilling is not a new story, it should be noted that its price against the US dollar has remained somewhat static over the past decade. On the other hand, Bitcoin has been the best performing asset over the past 10 years, with an ROI exceeding 8,900,000%.

Moreover, this year alone, the valuation of BTC has risen by 60% while that of gold has fallen by more than 5%.

What will it take to change the views of these leaders on gold and Bitcoin? Well, hard to say. The simple reason could be that old habits die hard.

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