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Egyptian Billionaire Warns Against Bitcoin, Says It Could Be Hacked

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Wed, 11/10/2021 - 08:51
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Alex Dovbnya
Naguib Sawiris will not take the risk of investing in Bitcoin
Egyptian Billionaire Warns Against Bitcoin, Says It Could Be Hacked
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Egyptian billionaire businessman Naguib Sawiris, the scion of Egyptian construction magnate Onsi Sawiris, is not interested in Bitcoin, according to a report published by Al-Ain News.

While acknowledging that cryptocurrencies could be a useful investment for some, the 67-year-old entrepreneur chooses to remain on the sidelines.

The telecom tycoon fears that Bitcoin could face a hacking attempt that could put a dent in its value.

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Sawiris is a big proponent of gold. He said that almost a third of his investment portfolio could be allocated to the yellow metal in April.

Naguib Sawiris's billionaire brother, Samih Sawiris, appears to be more crypto-friendly. As reported by U.Today, his luxurious Swiss hotel started accepting Bitcoin and Ether in late August.

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About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets, can be contacted at alex.dovbnya@u.today.