Cryptocurrency is slowly gaining traction among investors and countries. It has been growing rapidly over the past year. However, many investors are still not sure about it. The US billionaire investor and hedge fund manager Lee Cooperman is one of them.
Lee Cooperman stated that people his age are finding it difficult to understand the world’s largest cryptocurrency. He said, “I have great respect for [media mogul] Barry Diller. And I think he was online recently and I think that he said that Bitcoin was a ‘con job’. I don’t know if this is a con job, but I take the easy way out. I say: ‘If you don’t understand Bitcoin, it means you’re old. I’m 78. I’m old. I don’t understand it.”
He added that Bitcoin “does not make a great deal of sense” and he would be very careful in dealing with it.
A New York-based investment advisory firm Omega Advisors said that if people are nervous about the trajectory the world is following and want to save money for the future, then gold should be their preferred choice.