Monday, December 6

Billionaire does not invest in Bitcoin for fear of being hacked

An Egyptian billionaire said in a recent interview that he does not invest in Bitcoin or put cryptocurrencies on his diversification radar. Claiming in his biography on Twitter to be a fan of Brazil, Naguib Sawiris He presents himself as an investor and freedom fighter, who has 7.5 million followers on that social network alone.

According to Forbes, Naguib has a fortune valued at US$3.1 billion, which places him at 956th among the richest in the world. In recent days, he chatted with an Egypt news portal, where he can explain more about his beliefs in cryptocurrencies.

Egyptian billionaire who is a fan of Brazil does not invest in Bitcoin for fear of being hacked

In conversation with the Al-Ain News, Naguib Sawiris denied having an interest in investing in the cryptocurrency market anytime soon.

A businessman in the telecommunications and luxury hotel sectors, among others, he is a descendant of the richest family in Egypt, a country that links Africa to the Middle East. Naguib also has business in Europe, in particular in Italy, another country he claims to be a fan besides Brazil.

But one thing he doesn’t like is Bitcoin, a payment technology that the Egyptian billionaire claims is afraid of being hacked, which would cause him to lose all his money. The Egyptian billionaire also stated that he understands that buying Bitcoin is interesting for many people, except for him, who does not put digital currency in his scope.

Finally, he stated that investing in Bitcoin is akin to entering money-recruiting pyramids, which pose risks of collapse to their holders before people can sell their possessions.

A declared fan of gold, Naguib has been following the rise of the precious metal, which set recent records in the market and remains firm with its store of value, avoiding the currency that can be “hacked”.

Can Bitcoin be the target of hacker attacks?

Bitcoin is a relatively new technology on the market, coming into operation in January 2009. Like any technology in a digital environment, the currency has already been targeted by hackers, who tried to break into the network and take coins.

However, even with vast attempts, the currency was never actually hacked. Coin users who use safe and recommended wallets are also often not targeted, as it is difficult to find out where they are and how their possessions are stored.

In this way, the fear of the Egyptian billionaire can demonstrate just one important point to be clarified by the community to beginning investors, which with some study would be easily discovered.

Men richer than Naguib, such as Jack Dorsey (53rd with US$12.8 billion), Elon Musk (1st with US$273 billion), have already invested heavily in the market and remain confident, leading even their companies to buy Bitcoin as a store of value.

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