Egyptian billionaire Sawiris shuns Bitcoin, is bullish on gold and eyes Euronews sale – The National

Egyptian billionaire Sawiris shuns Bitcoin, is bullish on gold and eyes Euronews sale – The National

Despite some saying gold has lost its lustre as a hedge against inflation, Egyptian billionaire Naguib Sawiris is bullish on the precious metal. He also has no intention to invest in cryptocurrencies, is looking at including green energy assets in his investment portfolio and plans to divest his stake in the Euronews television channel.

“I’m still very bullish [on gold] and it is a safe haven. People now are comparing Bitcoin with gold; it’s a wrong comparison,” Mr Sawiris, 67, told The National in an interview on Wednesday.

The entrepreneur, who has a net worth of $3.2 billion, is executive chairman of Cairo-based Orascom Investment Holding, whose interests span financial services, mining, telecoms, media, real estate and hospitality businesses, among others.