“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.”
Earlier in 2021, Cooperman stated in an interview with Bloomberg surveillance: 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 is one that also 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%.