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Bitcoin does not make a great deal of sense


10 Sep 2021

#Bitcoin

The Omega Advisors chairman and CEO said people should be careful about Bitcoin, and suggested gold as a better store of value. By his own admission, Lee Cooperman still does not understand Bitcoin (BTC), despite its being up more than 300% since early December 2017. Speaking to CNBC on Thursday, the billionaire investor alluded to people his age having a hard time understanding Bitcoin, adding:

“I’d be very careful with Bitcoin; I don’t think it makes a great deal of sense and if you are nervous about the world, gold — to me — would be a better place to store value.”

Cooperman’s statements on Thursday are in keeping with previous comments about Bitcoin. Back in December 2017 when BTC was on a bullish price advance, Cooperman expressed his confusion about BTC.

Earlier in 2021, Cooperman stated in an interview with Bloomberg surveillance that "On NFTs, bitcoin, stuff like that — I'm too old. I don't understand that stuff. It's crazy to me. It makes no sense. I'm a meat-and-potatoes guy, a stocks guy."

The Omega Advisors chairman also seemingly cast doubts on whether Bitcoin could become a global currency, stating that it was not in the interest of the United States to promote an alternative to the U.S. dollar.

On Sept. 7, El Salvador officially became the first nation to adopt Bitcoin as legal tender. Some market commentators say other Central American nations may be incentivized to follow El Salvador’s lead if the move yields significant economic benefits. Cooperman’s argument that gold is a better store of value over Bitcoin flies in the face of their respective performances over the last decade.

While Bitcoin has delivered over 300,000% returns in the last decade, gold’s 10-year returns recently flipped negative. As of the time of writing, gold’s 10-year price-performance sits at negative 3%. As previously reported by Cointelegraph, Bloomberg Intelligence analyst Mike McGlone has said that Bitcoin is set to replace gold.


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Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 90.4% 2 $26 918.25 -0.14% 1.23% $524 890 483 866 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 91.2% 3 $1 666.38 0.93% 4.52% $200 359 438 928 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.4% 1 $1.000008 -0.01% 0% $83 277 212 554 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 90.4% 2 $215.61 0.44% 2.23% $33 170 344 252 BNB 7 days price change
5 XRP (XRP) XRP XRP predictions 87.6% 9 $0.533831 5.55% 3.71% $28 459 775 133 XRP 7 days price change
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15 Polkadot (DOT) DOT Polkadot predictions 90.8% 7 $4.08 0.34% 1.57% $5 011 854 851 DOT 7 days price change

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