A famous American billionaire has said that those who can not understand bitcoin are probably as old as him. He advised those who are cautious about their economic future to invest in gold instead of bitcoin.
to the Report Crypto Potito Lee Lee Cooperman, the famous American billionaire who previously said that Bitcoin is incomprehensible to him, recently said that those who do not understand this digital currency are probably very old. He also warned US investors and government officials to be cautious about dealing with bitcoin.
The dramatic rise in the price of Bitcoin over the past few years, reaching a market value of $ 1 trillion earlier this year, has undoubtedly attracted the attention of many investors operating outside the digital currency space.
These types of investors are divided into two general categories; People like Paul Tudor Jones who realize the merits of bitcoin and devote part of their capital to it, and people like Warren Buffett who refuse to do so and criticize bitcoin.
Lee Cooperman, an American billionaire, CEO and chairman of Omega Advisors, appears to be in the second category. He said a few years ago when the price of bitcoin reached $ 20,000, he did not understand the digital currency.
In an interview with CNBC, Cooperman maintained his position on the incomprehensibility of Bitcoin, but said that his age could be one of the reasons that prevents him from understanding this issue.
“Cooperman said in an interview with CNN:
If you do not understand bitcoin, it means that you are old. I am 78 years old. I’m old and I do not understand it.
Cooperman acknowledged that he did not have enough information about digital currencies, but warned that the US government should be cautious.
In addition, Cooperman seems convinced that US officials should not follow the El Salvadorian model and accept bitcoin as an official currency. He believes that introducing bitcoin as an alternative to the dollar will not be in the US government’s interest.
Cooperman calls himself the “paper man” (referring to the paperiness of money) who believes in the American economy. He advised those who are wary of their future economic situation to go for gold instead of bitcoin, as he believes the precious metal will be “a better tool for storing value.”
It is worth noting that the dollar value of gold is now about 10 years old. On the other hand, Bitcoin has had the best performance among various assets in the last decade and its return during this period has been 8.9 million percent. If we want to compare the performance of these assets only in the last one year, the price of Bitcoin has increased by 60% since the beginning of 2021, while the value of gold has decreased by more than 5% during this period.