cryptoknowmics.com
Leon Cooperman, the 78-year-old billionaire investor, has said that those who don’t understand Bitcoin are likely to be old and has urged investors to stick with gold as it’s a better store of value.
Bitcoin Doesn't Make Sense to Leon Cooperman
Cooperman favored the precious yellow metal over the leading cryptocurrency as older people can’t grasp the characteristics and value of the digital asset, saying, "I say that if you don't understand bitcoin, it means you're old. "I'm 78. I'm old, I don't understand it."
For him, Bitcoin “doesn’t make sense” and that he would be very much careful about it.
"My guess is I'd be very careful in bitcoin. I don't think it makes a great deal of sense. And if you're nervous about the world, gold, to me, would be a better place to store value than bitcoin."
U.S. Govt Should Not Accept BTC as Legal Tender
While admitting that he is not aware much about the world of cryptocurrencies, the billionaire investor warned that the U.S. government is keeping a close watch over it.
Furthermore, he believes that the American government should not follow the example of El Salvador in accepting Bitcoin (BTC) as a legal tender as it’s not in the interest of authorities to view BTC as a substitute for the U.S. dollar.
Claiming himself as a paper guy, he added owning very little amount of gold. Gold’s price against the U.S. dollar is somewhat similar to ten years ago. In contrast, BTC is the best performing asset in the last decade with an ROI of 8,900,000%. On a yearly scale, Bitcoin is up by 60% since the start of the year, while the precious metal is down by more than 5%.