TL; DR separation:
- Egyptian billionaire Najib Sawiris says digital currencies are beyond his interests.
- He compared bitcoin to a money-making company and said it could be destroyed if hacked.
The digital currency market recently crossed the $ 3 trillion mark, with Bitcoin (BTC) hitting a record high of $ 68,500. Although the market has grown exponentially with institutional investment and retail, Egyptian businessman and billionaire Najib Sawiris argues that digital currencies like BTC are dangerous and out of his interest.
Sawiris: Bitcoin money flies if hacked
The Egyptian billionaire noted that he has no intention of investing in cryptocurrencies, adding that the risks associated with investing in cryptocurrencies outweigh the benefits. “It may be a good investment for some, but it is beyond their interest,” the report said.
Sawiris likened bitcoin to a money-making company where investments are very risky and can be destroyed with investors’ money. He also argued that bitcoin investors have a chance of losing their capital with any hacking attempt. “If there is any hacking effort, the money goes,” he said.
Billionaire encourages investment in gold
Instead of digital currencies, Sawiris refers to investing in gold. He has been a staunch supporter of the precious metal and has consistently encouraged people to invest in it. Over the years, gold has been a safe haven and investment tool for many investors. However, the popularity and basic features of Bitcoin have led more people to turn to digital currency than gold.
Many gold prospectors have warned against such investment moves, as digital currencies fluctuate and bitcoin in particular has no intrinsic value. Regardless of the debate, the performance of bitcoin and gold prices in recent years reflects to some extent what people now believe in and are interested in.