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Egyptian billionaire Naguib Sawiris (Naguib Sawiris) said that he is still bullish on gold and has no intention of investing in cryptocurrencies such as Bitcoin because such investments are very risky.
Sawiris says gold is still a safe-haven asset
In his speech Publish Through national news, the billionaire revealed that he believes that people are wrong to compare gold with Bitcoin. Sawiris is also the executive chairman of Cairo-based Orascom Investment Holding, and he insists that gold is still a safe-haven asset.
“I’m still very optimistic [on gold] It is a safe haven. People now compare Bitcoin to gold; this is a wrong comparison,” the billionaire said.
As a sign of his support for gold before cryptocurrency, AKH Gold, one of the companies supported by Sawiris, has reportedly signed an agreement to explore 9 blocks in the gold-rich eastern desert of Egypt. Similarly, according to reports, La Mancha Holding, a company led by the billionaire, launched a $1.4 billion investment fund this year to seek investment in gold mines.
The Achilles heel of cryptocurrency
However, for Bitcoin and other cryptocurrencies, Sawiris, who has a net asset of $3.2 billion, insists that the volatility of such assets makes investment risky. Therefore, Sawiris warns that people investing in cryptocurrencies should expect to lose money. He said:
When the end of the world comes and collapses, the last person in the line will fail.
Interestingly, the billionaire was also quoted as a warning that after government measures slowed the global economic slowdown, the economy rebounded rapidly and liquidity was abundant, and asset valuation bubbles were forming. According to Sawiris, some stocks or stock prices are too high, and sooner or later there will be adjustments.
He then advises investors to choose how to balance the overall investment portfolio and the stocks they pick on the stock market.He added that investors should “always hold a cash position because you don’t [know] what happened [next]. “
Do you agree with Sawiris’ remarks about cryptocurrency? Tell us what you think in the comments section below.
Image Source: Shutterstock, Pixabay, Wikimedia Commons
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