Billionaire Egyptian Warns Against Bitcoin, Claiming it Might be Hacked

Gitumani  |  Nov 10, 2021

According to Al-Ain News, Egyptian billionaire businessman Naguib Sawiris, the heir to Egyptian construction magnate Onsi Sawiris, is not interested in Bitcoin. While acknowledging that cryptocurrencies may be a good investment for some, the 67-year-old businessman prefers to stay out of it.

Sawiris is a strong supporter of gold. In April, he indicated that the yellow metal might account for about a third of his investment portfolio. According to Sawiris, a long-term gold investor, you should invest significantly more money in gold.

Gold as a Safety Net

According to Sawiris, gold may operate as a market risk buffer. " If inflation begins and the stock market falls for any reason, you'll be glad you had a gold stake," he remarked. When asked if he believes the stock market would crash, he stated that prices have been high for a "very long time" and will "inevitably" fall at some point.

How to Vouch for a Crypto-friendly Environment?

Gold, according to Sawiris, may act as a market risk buffer. "You'll be thankful you had a gold investment if inflation begins and the stock market crashes for whatever reason," he added.

When asked if he believes the stock market would crash, he says prices have been high for a "very long time" and will "inevitably" decline. Samih Sawiris, Naguib Sawiris' millionaire brother, looks to be more crypto-friendly. His opulent Swiss hotel began taking Bitcoin and Ether in late August, according to U.Today. The telecom tycoon is concerned that Bitcoin might be hacked, causing its value to plummet.

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