Naguib Sawiris: “it is wrong to compare gold and bitcoin”

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The chairman of the Cairo investment holding Orascom and billionaire Naguib Sawiris expressed the opinion that it is wrong to compare gold and bitcoin.

“I’m still optimistic about gold, it’s a safe haven. But now people are comparing Bitcoin to gold and this is wrong, ”he said in an interview with The National.

Sawiris believes that investing in cryptocurrencies is very risky due to their volatility. He warns private investors who invest in digital assets that they must be prepared to lose everything if Bitcoin collapses.

The billionaire also warned of a bubble, which is formed due to mispricing of assets as a result of a rapid economic recovery and an abundance of liquidity. According to Sawiris, some assets are overvalued and sooner or later will go through a correction.

The chairman advises investors to be selective in the choice of assets they fill in their portfolios. He added that investors should “always keep some of the money in cash as it is not known what will happen in the future.”

Earlier, another staunch supporter of investing in gold, billionaire and hedge fund manager Paulson & Co, John Paulson, said gold works well against inflation.

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