Naguib Seeiris, an Egyptian billionaire has stated that he continues to be bullish on gold. He also said that cryptocurrencies such as bitcoin are very risky and is not going to invest.
Sawiris says gold is still a safe-haven asset
The National News published the remarks of the billionaire. He stated that it was wrong for people make comparisons between bitcoin and gold. Sawiris is the CEO of Orascom Investment Holdings, a Cairo-based company. He insists that gold remains the best asset.
“I’m still very bullish [on gold]It is safe and secure. People now are comparing Bitcoin with gold; it’s a wrong comparison,” said the billionaire.
As a sign of his endorsement of gold ahead of cryptocurrency, one of the companies that Sawiris backs, AKH Gold, is reported to have signed a deal to explore nine blocks in Egypt’s gold-rich Eastern Desert. Similarly, La Mancha Holding — the company which the billionaire chairs — is reported to have launched a $1.4 billion investment fund this year to pursue investments in gold mining.
Crypto’s Achilles’ Heel
With respect to cryptocurrency and bitcoin, Sawiris has an estimated net worth $3.2 billion. He insists that the volatility associated with such assets make them risky investments. Investors in crypto currencies should be prepared to lose, according Sawiris. Sawiris stated:
The last person in a row will be the one to lose when the doomsday arrives and crashes.
In a bizarre statement, Sawiris also warns of an asset bubble that’s forming after a quick recovery in economic activity and abundant liquidity since government policies slowed the global economy. Sawiris says that stocks and shares may be overpriced, with a possible correction coming soon.
Investors should be careful about how their portfolios are balanced and which stocks to pick from equity markets. He added that investors should “always keep a position in cash because you don’t [know]What happens next [next].”
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