Billionaire Naguib Sawiris’s opinion on gold, stocks and bitcoin
crypto lite – Egyptian billionaire Naguib Sawiris said that he remains bullish on gold and has no intention of investing in cryptocurrencies such as Bitcoin because this type of investment is risky. What does billionaire Naguib Sawiris think of gold, stocks and bitcoin?
In his statements to The National News, stated Sawiris gold It is still a safe asset. It is wrong to make comparisons between gold and bitcoin.
And Sawiris, CEO of Cairo-based Orascom Investment Holding, insists that gold remains a safe haven asset. It is wrong to compare precious metals to Bitcoin
“I remain very optimistic about gold as it is a safe haven. But now some people compare Bitcoin and gold as a safe haven. It is a wrong comparison.
As evidence of his endorsement of gold before cryptocurrency, one of the companies Sawiris backs, AKH Gold, is reported to have signed a deal to explore nine blocks in Egypt’s gold-rich Eastern Desert. Likewise, La Mancha Holdings – the billionaire headed company – has reportedly launched a $1.4 billion investment fund this year to pursue investments in gold mining.
Cryptocurrency is the Achilles heel
And as for the currency Bitcoin And Cryptocurrencies On the other hand, Sawiris, who has a net worth of $3.2 billion, insists that the volatility of these assets makes them risky investments. Hence, Sawiris warned individuals who invest in cryptocurrencies to not expect to lose them. He said:
“When the day comes, the last person in line will lose.”
In addition, interestingly, the billionaire also conveyed a warning about the asset valuation bubble that is forming in the wake of a rapid economic recovery and ample liquidity, following government measures that have slowed the global economy.
And According to Sawiris, the prices of some shares are exaggerated, and sooner or later a correction will occur.
Then he advises investors toTheSelecting and balancing their total investment portfolios and the stocks of their choice in the markets.
He added: Investors should “Always keep a position in cash. because you don’t know what It will happen tomorrow.”