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Bitcoin is risky and can be hacked, says Egyptian billionaire

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TL;DR Breakdown:

  • Egyptian billionaire, Naguib Sawiris, says cryptocurrencies are outside the scope of his interests.  
  • He compared Bitcoin to a money-recruitment company, saying it can collapse when hacked. 

The cryptocurrency market recently topped $3 trillion with Bitcoin (BTC) crossing a record high of over $68,500. Despite the market has grown immensely with both institutional and retail investments, Egyptian businessman and billionaire, Naguib Sawiris, argues digital currencies like BTC are risky and that they are out of the scope of his interests.

Sawiris: Money in Bitcoin would fly when hacked

The Egyptian billionaire mentioned that he doesn’t have any intention of investing in cryptocurrencies, adding that the risks associated with crypto investments are greater than the gains. “It may be a useful investment for some, but it is outside the scope of his interests,” the report reads. 

Sawiris likened BTC to a money-recruitment company, where investments are highly risky and can collapse with investors’ money. He further argued that Bitcoin investors stand the chance of losing their funds with any hacking attempt. He said, “if there was any hacker attempt, the money would fly.”

Billionaire encourages investment in gold

In place of cryptocurrencies, Sawiris gives the nod to investing in gold. He has been a strong proponent of the precious metal and constantly encouraged people to invest in it. Over the years, gold has been the safe haven and investment tool for many investors. However, the popularity and fundamental properties of Bitcoin have made more people turn to the cryptocurrency than gold.

Many gold proponents have warned against such investment moves on the ground that cryptocurrencies are volatile, and Bitcoin, in particular, doesn’t have intrinsic value. Not minding what the arguments are, the price performance of Bitcoin and gold over the recent years somewhat depict what people currently believe and are interested in. 

Ibiam Wayas

Ibiam Wayas

Ibiam is an optimistic crypto journalist. Five years from now, he sees himself establishing a unique crypto media outlet that will breach the gap between the crypto world and the general public. He loves to associate with like-minded individuals and collaborate with them on similar projects. He spends much of his time honing his writing and critical thinking skills.

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