Egyptian Billionaire Remains Bullish on Gold, Says It’s Wrong to Compare Precious Metal to Bitcoin – Featured Bitcoin News


Egyptian billionaire Naguib Sawiris has mentioned he stays bullish on gold and has no intention to spend money on cryptocurrencies like bitcoin as a result of such funding is a really dangerous enterprise.

Sawiris Says Gold Still Safe-Haven Asset

In his remarks revealed by The National News, the billionaire reveals he believes it’s fallacious for people to make comparisons between gold and bitcoin. Sawiris, who can also be the chief chairman of Cairo-based Orascom Investment Holding, insists gold continues to be the safe-haven asset.

“I’m still very bullish [on gold] and it is a safe haven. People now are comparing Bitcoin with gold; it’s a wrong comparison,” mentioned the billionaire.

As an indication of his endorsement of gold forward of cryptocurrency, one of many firms that Sawiris backs, AKH Gold, is reported to have signed a deal to discover 9 blocks in Egypt’s gold-rich Eastern Desert. Similarly, La Mancha Holding — the corporate which the billionaire chairs — is reported to have launched a $1.4 billion funding fund this yr to pursue investments in gold mining.

Crypto’s Achilles’ Heel

However, with respect to bitcoin and different cryptocurrencies, Sawiris, who has a web price of $3.2 billion, insists the volatility of such property makes them very dangerous investments. Consequently, Sawiris warned people investing in cryptocurrencies they need to anticipate to lose. He mentioned:

When the doomsday comes and it crashes, the final people within the row will lose.

Interestingly, the billionaire can also be quoted warning of an asset valuation bubble that’s forming within the wake of fast financial rebound and plentiful liquidity after authorities measures slowed down the worldwide economic system. According to Sawiris, some shares or shares are overpriced and there shall be a correction eventually.

He then advises traders to be selective of how they stability their general portfolios and the shares they choose in fairness markets. He added that traders ought to “always keep a position in cash because you don’t [know] what happens [next].”

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