Bitcoin / Crypto adoption / Crypto News / Cryptocurrency · November 16, 2021

Egyptian Billionaire Naguib Sawiris does not Want to Invest in Bitcoin

Naguib Sawiris is the first generation scion of construction king of the region Onsi Sawiris. The businessmen and billionaires recently spoke to the media on the matter of cryptocurrency investment and Bitcoin. Many people believe that the richest people in their regions are investing in digital assets. However, the junior Sawiris has discarded such assumptions for Egypt.

Speaking to a local media outlet called the Al-Ain News, Sawiris stated that Bitcoin has the potential to get hacked. He further claimed that he has no plans to invest in the much-hyped cryptocurrency. Sawiris currently runs a mage mobile networking company in Egypt and has more interest in gold as a sound investment option.

While one member of the Sawiris family prefers to stay away from the cryptocurrency market, there is another who begs to differ. Samih Sawiris has made his friendly stance on cryptocurrencies public on several occasions. The line of Swiss hotels that are owned by the second brother has recently started to accept Bitcoin and Ethereum based payments in August this year.

Meanwhile, the networking giant of Egypt, Naguib Sawiris, has continued to follow the path of gold investment options after the fashion of many traditional investors. He has even declared in media that around one-third of his investment portfolio has been allocated in the shiny trade commodity metal during April.

Apple CEO’s Statement Regarding Digital Assets

Apple CEO Tim Cook was recently attending a public event organized by an open-sourced audio collaborative platform called DealBook. During the digital conference, a journalist raised the question of cryptocurrency investment by Apple Inc. Cook explained that Bitcoin and other such cryptocurrencies are considered a great way to diversify the investment portfolio of any individual.

However, he clarified that Apple Inc. has no plans to invest in Bitcoin or any other cryptocurrencies thus far. He further explained that the people who buy Apple stocks are not looking for digital asset exposure. At the same time, Cook maintained that he is not impervious to investing his money in digital assets. In 2019, Cook denied the news about Apple Inc. working on launching a new cryptocurrency project. He also took a swipe at Facebook’s Libra project by saying private companies are now expected to issue their own money.