Sam Zell is the billionaire founder of Equity Group Investments and its chairman. He says that he will avoid bitcoin at any cost. According to him, he doesn’t understand cryptocurrency and thinks a currency that isn’t backed by a government will fail.
Sam Zell remains skeptical about Bitcoin
While bitcoin is being adopted by a greater number of billionaires and hedge-fund managers, Sam Zell, founder and chairman at Equity Group Investments said that he would not embrace the cryptocurrency.
In an interview with CNBC, Zell reiterated Thursday his opposition to bitcoin in a statement. His net worth is $5.8billion. He responded to CNBC’s question on whether Bitcoin is now more appealing to him, given its current price of $21K.
I’ve basically stayed away from bitcoin at all costs.
According to the billionaire investor, the main reason why he doesn’t invest in Bitcoin is because he doesn’t understand it.
“I do not understand its security … I don’t understand all the losses that have occurred where bitcoins have been siphoned out of institutions,” he elaborated.
Executive opined that:
I think that when it’s all said and done, any kind of a currency without the backing of a government in some fashion is unlikely to work.
In conclusion, Zell described: “I have not participated. I’ve been very critical of it and continue to be so. I think bitcoin at $21,000 is cheaper than it was at $40,000 but it ain’t cheap.”
The billionaire investor said in December 2020 that he is “very skeptical” of bitcoin. However, he noted that “Ultimately, it may be the answer or one of the answers. But right now, it’s a world that’s extraordinarily populated by chameleons and other fast-talking characters. I don’t believe everybody involved in it are the kind of people I’d like to follow.”
What do you think about Sam Zell’s bitcoin stance? Leave your comments below.
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