(Markets Insider) 78-year-old billionaire investor Leon Cooperman says gold is a better store of value for the risk-averse but warns that those who don’t understand bitcoin are possibly old.
Cooperman has criticized veteran investor Barry Diller who termed crypto assets as a “con job,” saying his colleague doesn’t know what they are.
At 78, Cooperman admits he doesn’t understand Bitcoin, but he believes it is not in the interest of the US government to make way for a dollar’s substitute.
The billionaire investor referred to himself as a perennial optimist and a paper guy who owns very little gold. He is also keeping an eye on inflation, Fed signals, and rates for future stock investments.
Cooperman also refuted any expectations of a recession in the US, saying he sees it a year away or even longer.
Whereas Bitcoin has surged by 60% in the last 12 months, Gold is only up 9% in the same period.
BTCUSD is up +1.92%, XAUUSD is up +0.02%.
