While continuing to argue that bitcoin doesn't make much sense, US billionaire Leon (Lee) Cooperman recently indicated that those who can't understand cryptocurrency may be too old.
Additionally, he has also warned investors and the US government to be careful when it comes to the asset.
Too old for Bitcoin?
The impressive growth in USD prices in recent years and becoming a $ 1 trillion asset earlier this year has undoubtedly caught the attention of many major investors outside the cryptocurrency space.
Typically, they are divided into two groups: those who see the merits of BTC (find out how buy Bitcoins) and allocate money to it, such as Paul Tudor Jones III, and those who refuse to do so and criticize it, such as Warren Buffett.
Lee Cooperman, a US billionaire investor and president and CEO of Omega Advisors, appears to be a member of the second camp. A few years ago, as bitcoin was climbing to its peak of $ 20.000 at the time, he argued that it made no sense to him.
Speaking to CNBC, he maintained his stance that bitcoin "doesn't make much sense". However, he also noted that his age could be the factor preventing him from understanding this.
“If you don't understand bitcoin, it means you are old. I am 78 years old. I am old. I do not understand".
Beware of Bitcoin
While admitting that his knowledge of cryptocurrency isn't enough, Cooperman warned the US government to pay close attention to how they interact with it.
Furthermore, it seemed certain that the authorities would not have to follow El Salvador's example to officially accept BTC as fiat currency. He believes that it is not in the interest of the US government to consider bitcoin as a substitute for the US dollar.
Cooperman claimed to be a "paper boy" who believes in the US economy. But for those who fear their economic future, he advised them to turn to gold rather than bitcoin, as the precious metal "would be a better place to store value."
It is worth noting that the price of the yellow metal against the dollar is somewhat similar to ten years ago. On the contrary, bitcoin has become the best performing asset in the last decade with an ROI of 8,900,000%. Considering just an annual scale, BTC has risen by 60% since the start of 2021, while gold has fallen by more than 5%.
And what do you think of BTC instead? Are you too "too old to understand"? Let us know (not your age!) In the comments section below.
