Sam Zell, the billionaire founder and chairman of Equity Group Investments, has stated that he will avoid bitcoin at all costs. He added that he is unfamiliar with bitcoin and feels that a currency without government backing is unlikely to succeed.
Despite the fact that an increasing number of billionaires and hedge fund managers are embracing bitcoin, Sam Zell, the founder and chairman of Equity Group Investments, has declared he will avoid it.
In an interview with CNBC on Thursday, Zell, repeated his anti-bitcoin stand. In response to a query on whether bitcoin is more appealing to him now that its price has dropped to $21K, he stated emphatically:
“I’ve basically stayed away from bitcoin at all costs.“
The billionaire investor stated that he does not invest in Bitcoin since he does not comprehend the currency.
“I’m not sure how secure it is… He continued, “I don’t understand all the damages that have occurred when bitcoins have been sucked out of institutions.”
Finally, Zell stated, “I have not participated.” I’ve been harsh on it and will continue to be so. Bitcoin is cheaper at $21,000 than it was at $40,000, but it’s still not cheap.”
In December 2020, the billionaire investor stated that he is “extremely suspicious” of bitcoin. “Ultimately, it could be the answer or one of the answers,” he said. But, for the time being, it’s a world dominated by chameleons and other fast-talking characters. I don’t think everyone participating is the type of person I’d want to follow.”
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