Despite some saying gold has lost its lustre as a hedge against inflation, Egyptian billionaire Naguib Sawiris is bullish on the precious metal.
“I’m still very bullish and it is a safe haven.
He is also chairman of La Mancha Holding, which launched a $1.4bn investment fund this year to pursue investments in gold mining.
The volatile nature of cryptocurrency trading and the wild price swings in recent months have drawn regulatory ire.
Last month, China, the world’s second-largest economy, banned the mining and trading of Bitcoin and other digital currencies.
In 2015, the billionaire acquired a 53 per cent stake in Euronews through Media Globe Networks and boosted his shareholding in 2017 to 60 per cent and further in 2020.
“All our mining operations are now going to shift to solar ,” he said.
“We were all under the impression that during the pandemic, we were not doing anything.