Egyptian billionaire remains optimistic about gold and says it is wrong to compare precious metal with Bitcoin -
Egyptian billionaire remains optimistic about gold and says it is wrong to compare precious metal with Bitcoin -
The Egyptian billionaire Naguib Sawiris said that he remains optimistic about gold and does not have the intention of investing in cryptocurrencies such as Bitcoin, since such investments are very risky business.
SAWIWIRAS says that gold is still a safe harbor
in his vertical publishes of The National News, the billionaire reveals that he considers it wrong to make comparisons between gold and Bitcoin. Sawiris, who is also Executive Chairman of the Orascom Investment Holding based in Cairo, insists that gold is still the safe port.
"I'm still very Bullish [on gold] and it is a safe harbor. People now compare Bitcoin with gold; this is a wrong comparison," said the billionaire.
As a sign of his advocacy of gold before cryptocurrency, one of the companies that supports SAWIRIS, AKH Gold, is said to have signed a contract for exploring nine blocks in Egypt's Golden East desert. Similarly, LA Mancha Holding-the company that the billionaire chairs-is said to have launched a $ 1.4 billion dollar investment fund this year to pursue investments in gold mining.
cryptos Achilles heel
In terms of Bitcoin and other cryptocurrencies, Sowwiris, however, with a net assets of $ 3.2 billion, insists that the volatility of these assets makes them very risky investments. As a result, Sawiris warned people who invest in cryptocurrencies that they should expect from losing them. He said:
When the end of the world comes and it cracks, the last people will lose series.
Interestingly, the billionaire is also cited in front of a wealth evaluation bubble that forms in the wake of quick economic recovery and abundant liquidity after state measures have slowed down the global economy. According to Sawiris, some stocks or stocks are overpriced and there will be a correction sooner or later.Then he advises investors to select their overall portfolios and the shares they select at the stock markets. He added that investors "should always keep a position in cash because they don't." [Know] What happens [Next]. “
Do you agree to the comments from Sawiris to cryptocurrencies? Tell us your opinion in the comments below.
Bedy verification : Shutterstock, Pixabay, Wiki Commons