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.
Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.
Sotheby’s, the British-founded American luxury auction house, has announced the company will be selling Banksy works for real-time bids in ethereum at “The Now Evening Auction” on November 18.