Equity Group Investments founder and billionaire chairman Sam Zell is distancing himself from bitcoin at all costs. He explains that he doesn’t understand cryptocurrencies and believes that any currency without government backing is unlikely to do well.
Sam Zell remains skeptical of Bitcoin
While more and more billionaires and hedge fund managers are embracing Bitcoin, Sam Zell, founder and chairman of Equity Group Investments, said he is staying away from the cryptocurrency.
Zell, whose net worth is estimated at $5.8 billion, reiterated his anti-bitcoin stance in an interview with CNBC on Thursday. Asked whether bitcoin is more attractive to him now that its price has fallen to the $21K range, he stressed.
I basically stay away from bitcoin at all costs.
The billionaire investor explained why he doesn’t invest inBTCbecause he simply doesn’t understand it.
“I don’t understand its security …… I don’t understand all the losses incurred where bitcoins were siphoned off from institutions,” he elaborated.
and the executive opined.
After all, a currency without some form of government backing is unlikely to do well.
In conclusion, Zell described it this way:” I have not participated in it. I have been and continue to be very critical of it; I think $21,000 bitcoin is cheaper than $40,000, but not cheap.” He stated.
The billionaire investor said in December 2020 that he was “very skeptical” of bitcoin. However, he noted, “Eventually, it could be the answer or one of the answers. But right now, we live in a world of extra chameleons and other fast-talking characters. I don’t think everyone involved in it is the kind of person I would want to follow.”
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