American billionaire Leon Cooperman, in an interview with CNBC, admitted that he does not understand how the first cryptocurrency works. He also urged caution regarding investments in Bitcoin.
«If you don’t understand #bitcoin, it means you’re old. I’m 78. I’m old. I don’t understand it,» says Lee Cooperman. «I’d be very careful with #btc. It does not make a great deal of sense, and if you are nervous about the world gold to me would a better place to store value.» pic.twitter.com/OANWHHjpWx
— Squawk Box (@SquawkCNBC) September 9, 2021
“If you don’t understand Bitcoin, that means you’re old. I’m 78. I’m old. I don’t understand it. I’d be very careful with Bitcoin,” Cooperman said.
He also noted that he regards gold as the best store of value.
Leon Cooperman is the head of hedge fund Omega Advisors, which manages assets totalling $3.3 billion. Forbes values the billionaire investor’s wealth at $2.5 billion.
In September, Senator Elizabeth Warren called cryptocurrencies “the new shadow banks.”
In August, Bitcoin skeptic and gold advocate Peter Schiff acknowledged that the price of digital gold could rise to $100,000 and that he did not buy the asset in 2011. However, the entrepreneur still regards the first cryptocurrency as a bubble.
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