Bitcoin and cryptocurrency prices have continued to fall, wiping out nearly $400 billion from the combined crypto market in just a few weeks. Despite some bullish cryptocurrency price forecasts.
Last week, the bitcoin price fell below $50,000 per bitcoin and is now trending downward, approaching the closely watched $40,000 level and dragging down the prices of ethereum, cardano, solana, Ripple’s XRP, and Binance’s BNB.
Before the latest bitcoin and cryptocurrency sell-off, billionaire investor Leon Cooperman warned potential crypto-buyers to “be very careful” with bitcoin, adding that it “doesn’t make a lot of sense.”
“My guess is I’d be very careful in bitcoin,” Wall Street legend Leon Cooperman told CNBC.
“I don’t think it makes a great deal of sense. And if you’re nervous about the world, gold, to me, would be a better place to store value than bitcoin.”
Cooperman, whose fortune Forbes estimates to be around $2.5 billion, added that he doesn’t understand bitcoin, blaming his age. “I say that if you don’t understand bitcoin, it means you’re old. I’m 78. I’m old. I don’t understand it,” said the founder of hedge fund Omega Advisors.
Cooperman went on to say that the United States government will eventually oppose bitcoin.
“One thing I do know is that it is not in the interest of the United States government to promote a substitute for the United States dollar,” Cooperman said.