Home Cryptocurrency News Bitcoin Doesn’t Make a Great Deal of Sense: Billionaire Investor Lee Cooperman

Bitcoin Doesn’t Make a Great Deal of Sense: Billionaire Investor Lee Cooperman

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Cryptocurrency has been rising quickly over the previous yr, however many buyers are but undecided about it. Certainly one of them is Lee Cooperman. The US billionaire investor and hedge fund supervisor says he nonetheless doesn’t perceive Bitcoin. Chatting with CNBC, he stopped simply wanting criticising Bitcoin, saying solely that individuals his age are discovering it obscure the world’s largest cryptocurrency. He made it clear that he thinks it is not within the curiosity of the US authorities to additional an alternative choice to the greenback.

“I’ve nice respect for [media mogul] Barry Diller. And I feel he was on-line not too long ago and I feel that he stated that Bitcoin was a ‘con job’. I do not know if it is a con job, however I take the straightforward manner out. I say: ‘Should you do not perceive Bitcoin, it means you are outdated. I am 78. I am outdated. I do not perceive it,” Cooperman stated throughout an interview. He added that Bitcoin “doesn’t make an excessive amount of sense” and he can be very cautious in coping with it.

The chairman of Omega Advisors, a New York-based funding advisory agency, additionally appeared uncertain concerning the prospects of Bitcoin to develop into a worldwide foreign money, asserting it was not in US curiosity to advertise an alternative choice to the American greenback. He stated if individuals are nervous concerning the trajectory the world is following and wish to get monetary savings for the longer term, then gold must be their most popular selection.

Cooperman’s assertion is in line with his stance on cryptocurrency since at the very least 2017, when Bitcoin was comparatively much less widespread. Though Bitcoin, and largely all different cryptocurrency are ripe with unpredictability, a number of younger billionaire entrepreneurs, together with Elon Musk and Michael Saylor, have proven religion in cryptocurrency’s potential to develop into the worldwide foreign money or at the very least develop to a degree to develop into a authorized foreign money together with the fiat cash.

On September 7, El Salvador officially adopted Bitcoin as authorized tender alongside the US greenback. Although preliminary rollout hiccups led to a fall in Bitcoin worth, the digital foreign money has now stabilised. As of September 11, Bitcoin price in India stood at Rs. 36.04 lakhs.

Inquisitive about cryptocurrency? We talk about all issues crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Devices 360 podcast. Orbital is accessible on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

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