According to billionaire Lee Cooperman, Bitcoin doesn’t make much sense.

The Omega Advisors CEO and chairman stated that people should be cautious about Bitcoin and suggested gold as a better place to store value.
Cooperman admitted that he still doesn’t understand Bitcoin despite the fact that BTC has risen more than 300% in the past 12 months. Cooperman was confused about Bitcoin in December 2017, when it was in a bullish trend. It’s insane to me. I don’t get it. I’m a meat-and-potatoes guy, a stocks guy. “The Omega Advisors chairman seemed to doubt whether Bitcoin could become a global currency, stating that it was not in America’s best interest to promote an alternative to US dollars.Related: September 7th is ‘Bitcoin Day in El Salvador’ as BTC becomes legal tender. El Salvador became the first country to adopt Bitcoin as legal tender on Sept. 7. Market commentators believe that other Central American countries may be incentivized by El Salvador to adopt Bitcoin as legal tender if it yields significant economic benefits. Bitcoin has generated over 300,000% returns over the past decade, while gold’s 10-year returns have recently turned negative. At the time of writing, the 10-year performance of gold’s price has fallen to negative 3%.

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