By his own admission, Lee Cooperman still does non understand Bitcoin (BTC), despite its being upwards more than 300% since early on December 2022.

Speaking to CNBC on Thursday, the billionaire investor alluded to people his age having a hard fourth dimension understanding Bitcoin, adding:

"I'd exist very careful with Bitcoin; I don't think it makes a great deal of sense and if y'all are nervous about the world, gold — to me — would exist a better place to shop value."

Cooperman's statements on Th are in keeping with previous comments about Bitcoin. Back in December 2022 when BTC was on a bullish price advance, Cooperman expressed his defoliation about BTC.

Earlier in 2022, Cooperman stated in an interview with Bloomberg surveillance that "On NFTs, bitcoin, stuff like that — I'm too erstwhile. I don't understand that stuff. It's crazy to me. It makes no sense. I'1000 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.South. dollar.

Related: Sept. 7 is 'Bitcoin Solar day' in Republic of el salvador equally BTC becomes legal tender

On Sept. 7, El salvador officially became the first nation to adopt Bitcoin as legal tender. Some marketplace commentators say other Central American nations may be incentivized to follow El Salvador'due south pb if the move yields significant economic benefits.

Cooperman's argument that gilded is a ameliorate store of value over Bitcoin flies in the face up of their respective performances over the last decade.

While Bitcoin has delivered over 300,000% returns in the last decade, golden's 10-year returns recently flipped negative. As of the fourth dimension of writing, golden's 10-year cost-functioning sits at negative 3%.

As previously reported by Cointelegraph, Bloomberg Intelligence analyst Mike McGlone has said that Bitcoin is ready to replace gold.