Egyptian billionaire Naguib Sawiris has revealed he has no plans to invest in Bitcoin (BTC) or other cryptocurrencies. He still prefers gold. In addition, Sawiris strongly disagrees with those who compare the most popular digital asset to the precious metal.
During an interview with The National yesterday, Egyptian billionaire Naguib Sawiris said he remains optimistic about gold. He then added that he disagreed with those comparing Bitcoin to the precious metal.
The entrepreneur is the Executive Chairman of Orascom, a Cairo-based investment holding company. The company’s interests include telecommunications, financial services, media, real estate, mining, hospitality, and others. In addition, Sawiris, whose fortune is estimated at $3.2 billion (~£2.39 billion), has allocated $1.4 billion (~£1.04 billion) to invest in gold mining.
The billionaire considers Bitcoin a “very speculative” investment. He doesn’t plan to invest in the digital currency, considering it a risky business. In addition, there are certain risks associated with regulators who have been keeping a close eye on the crypto industry in recent months. One of the factors behind this interest has been the dramatic fluctuations in the price of digital assets. Just the day before yesterday, the value of BTC hit a new record, and today it has fallen again by almost 4%. Sawiris believes the day will come when Bitcoin will be completely devalued.
The Egyptian billionaire has admitted that his focus is now on investing in the green energy sector. He has said that all mining companies he is involved in will be converted to solar power or other renewable energy alternatives.
The entrepreneur is astonished at how quickly the global economy is recovering from the downturn caused by the pandemic last year. However, he warns that share prices of many companies may soon undergo a correction. Sawiris asks investors to choose their assets carefully and recommends looking at technology stocks. In his view, Amazon, Apple, and Google have the biggest growth potential.
Hopefully, the Egyptian billionaire’s predictions will not be prophetic, and Bitcoin will be more resilient than people may think. Even more so because, according to estimates, the price will soon surpass the $100,000 level. Perhaps Naguib Sawiris and other sceptics will alter their thoughts after that.
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The views, thoughts, and opinions expressed in this article belong solely to the author, and should not be taken as investment advice. Do your own research before taking any investment decisions.
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