Egyptian Billionaire Remains Bullish on Gold, Says It’s Wrong to Compare Precious Metal to Bitcoin

In his remarks published by The National News, the billionaire reveals he believes it is wrong for people to make comparisons between gold and bitcoin.

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.

However, with respect to bitcoin and other cryptocurrencies, Sawiris, who has a net worth of $3.2 billion, insists the volatility of such assets makes them very risky investments.

Interestingly, the billionaire is also quoted warning of an asset valuation bubble that is forming in the wake of quick economic rebound and abundant liquidity after government measures slowed down the global economy.

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