Billionaire Lee Cooperman Calls Crypto And NFTs “Crap”, Fails to See Markets Recovering Anytime Soon ⋆ ZyCrypto

Billionaire Lee Cooperman Names Crypto and NFTs

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US billionaire hedge fund manager Lee Cooperman does not see the ongoing bear market cycle abating – at least for the foreseeable future – and blames the market-wide sell-off on crypto, among other things.

Speaking to CNBC’s Squawk Box Tuesday, in addition to attributing the markets’ plunge to global macroeconomic factors, the businessman tore into Special-Purpose Acquisition Companies (SPACs), Non-Fungible Tokens (NFTs) and cryptocurrencies referring to them as the “crap” that had contributed to the bleed of the market.

It’s a bear market.” said Cooper. †We went through one of the most speculative periods I know of: SPACs and all that nonsense that was going on. Crypto and NFTs, I think it’s unlikely to go back into a bull market anytime soon.”

Cooperman, who heads Omega Advisors, went on to denounce the US Fed for rushing into a skewed monetary policy that seemed only to fuel already inflated inflation. He stated that he was deeply concerned that the market had experienced a highly toxic combination of financial market policies in recent years, and that the continued decline was the result of those mistakes.

“We have borrowed from the future and we are now in a repayment period,” he added.

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On Wednesday, the Fed made its biggest rate hike by raising its key rate by 0.75 percentage point in its bid to fight ten-year high inflation. While the hikes are expected to dampen consumer demand – which has overwhelmed supply and pushed prices up – Cooperman failed to see the prospects of a soft landing.

For him, the market is likely to experience more pain “for a longer period of time” with very modest returns in the stock markets.

That said, the 79-year-old hedge fund manager’s relationship with Bitcoin, Ethereum and other cryptocurrencies, as well as “meme” stocks like Robinhood has remained tense. Last year, he called on people to be “very careful” with Bitcoin, stating that it didn’t make much sense.

“If you don’t understand bitcoin, it means you’re old. I’m 78. I’m old. I do not understand’ Cooperman told CNBC that. †I would be very careful with BTC. It doesn’t make sense, and if you’re nervous about the world, gold would be a better place for me to store.”

At the time of writing, Bitcoin is trading at $18,652 after falling 9.51% in the past 24 hours. Meanwhile, the global crypto market cap remains below $1 trillion at $825 billion, thanks in no small part to the Celcius-induced bloodshed earlier this week.

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