Billionaire Leon Cooperman prefers gold over bitcoin as an asset to preserve his savings.
According to the hedge fund manager, not understanding that Bitcoin means that one has grown old.
In an interview with CNBC, Cooperman said he does not buy bitcoins and advised people to be careful with cryptocurrencies if they want to keep their savings.
"I would be very careful with Bitcoin. It doesn't make a lot of sense, and if you are nervous, then gold is the best asset to save your savings," he said.
Bitcoin has a limited supply of 21 million coins that will ever be mined, so politicians cannot turn on the money printer. But as consumer prices have been rising this year, so has the price of Bitcoin, which recently exceeded the $ 50,000 level, although it has since dropped from those levels to $ 45,000. In turn, gold's price has stopped.
Leon did not call cryptocurrencies a fraud, as his billionaire colleague and media tycoon Barry Diller said earlier this year. However, he noted that the US government will keep monitoring Bitcoin, given that one of the main options for using cryptocurrency is a payment method that opposes the US dollar.
Despite the fact that Cooperman prefers gold to bitcoin, he owns a very small amount of the indicated precious metal.
Unlike this billionaire, Robert Kiyosaki is optimistic about Bitcoin, gold, and silver since he doesn't trust the Fed, Treasury, or stocks.
However, Cooperman disagrees with Robert Kiyosaki on stocks, arguing that stock markets won't fall unless the recession starts to pick up, which is unlikely to happen within the following year or beyond.
It can be said that Cooperman is like a child on a playground in this investment environment. He has been very energetic since the beginning of 2021 and has only added positions since then.