Bitcoin and cryptocurrency prices have continued a sell-off that’s wiped almost $400 billion from the combined crypto market in a matter of weeks—despite some bullish crypto price predictions.
Subscribe now to Fintech Zoom’ CryptoAsset & Blockchain Advisor and discover hot new NFT and crypto blockbusters poised for 1,000% gains
The bitcoin price crashed under $50,000 per bitcoin last week and is this morning trending downward, moving toward the closely-watched $40,000 level and dragging on the price of ethereum, cardano, solana, Ripple’s XRP and Binance’s BNB.
Ahead of the latest bitcoin and crypto sell-off, billionaire investor Leon Cooperman warned potential crypto-buyers to “be very careful” with bitcoin—adding he doesn’t think it “makes a great deal of sense.”
Sign up now for the free CryptoCodex—A free, daily newsletter for the crypto-curious. Helping you understand the world of bitcoin and crypto, every weekday
“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.”
However, Cooperman, whose wealth Fintech Zoom puts at 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,” the founder of hedge fund Omega Advisors said.
Cooperman went on to warn that the U.S. government will, ultimately, oppose bitcoin. “One thing I do know is it’s not in the interest of the U.S. government to further a substitute for the U.S. dollar,” Cooperman said.
CryptoCodex—A free, daily newsletter for the crypto-curious
Last week, El Salvador became the world’s first country to adopt bitcoin as legal tender, with some predicting other countries will follow suit. The historic adoption of bitcoin did little to bolster the bitcoin price, however.
Bitcoin has lost around 15% of its value over the last seven days, while ethereum, the second-largest cryptocurrency after bitcoin, down 20%. Buzzy ethereum rivals, including Binance’s BNB, cardano and solana, have all lost a similar amount as fear grips the crypto market.
Last week, two high-profile central bankers, Riksbank governor Stefan Ingves and Bank of Mexico governor Alejandro Diaz de Leon, warned bitcoin and other cryptocurrencies are at risk of collapsing and are not “a good safeguard of value.”