Fun

Billionaire Sam Zell: I’ve Stayed Away From Bitcoin at All Costs

News Feed - 2022-06-16 01:06:22

Billionaire Sam Zell: I"ve Stayed Away From Bitcoin at All Costs


The billionaire founder and chairman of Equity Group Investments, Sam Zell, says he is staying away from bitcoin at all costs. He explained that he does not understand the cryptocurrency and believes that a currency without the backing of a government is unlikely to work. Sam Zell Remains Skeptical of Bitcoin


While a growing number of billionaires and hedge fund managers are embracing bitcoin, Sam Zell, the founder and chairman of Equity Group Investments, said he is staying away from the cryptocurrency.


Zell, whose net worth is estimated to be $5.8 billion, reiterated his anti-bitcoin stance Thursday in an interview with CNBC. Responding to a question about whether bitcoin is more attractive to him now that its price has fallen to the $21K level, he stressed: I’ve basically stayed away from bitcoin at all costs.


The billionaire investor explained that the reason he does not invest in BTC is simply because he does not understand it.


“I do not understand its security … I don’t understand all the losses that have occurred where bitcoins have been siphoned out of institutions,” he elaborated.


The executive opined: I think that when it’s all said and done, any kind of a currency without the backing of a government in some fashion is unlikely to work.


In conclusion, Zell described: “I have not participated. I’ve been very critical of it and continue to be so. I think bitcoin at $21,000 is cheaper than it was at $40,000 but it ain’t cheap.”


The billionaire investor said in December 2020 that he is “very skeptical” of bitcoin. However, he noted that “Ultimately, it may be the answer or one of the answers. But right now, it’s a world that’s extraordinarily populated by chameleons and other fast-talking characters. I don’t believe everybody involved in it are the kind of people I’d like to follow.” Tags in this story Sam Zell, Sam Zell bitcoin, Sam Zell buys bitcoin, Sam Zell crypto, Sam Zell cryptocurrency


What do you think about Sam Zell’s bitcoin stance? Let us know in the comments section below. Kevin Helms


A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography. Bill Gates: Crypto Is 100% Based on Greater Fool Theory — "I"m Not Involved in That" FEATURED | 7 hours ago Microstrategy Debunks Margin Call Rumor — Says Bitcoin Liquidation Unnecessary Even if BTC Falls Below $3,562 FEATURED | 9 hours ago


Image Credits: Shutterstock, Pixabay, Wiki Commons Previous articleBill Gates: Crypto Is 100% Based on Greater Fool Theory — ‘I’m Not Involved in That’ Next articleInaugural ZENCON a Resounding Success Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article. Read disclaimerShow comments More Popular NewsIn Case You Missed ItTony Hawk"s Latest NFTs to Come With Signed Physical Skateboards


Last December, the renowned professional skateboarder Tony Hawk released his “Last Trick” non-fungible token (NFT) collection via the NFT marketplace Autograph. Next week, Hawk will be auctioning the skateboards he used during his last tricks, and each of the NFTs ... read more.Draft Law Regulating Aspects of Crypto Taxation Submitted to Russian Parliament NFT Sales Volume Saw a Small Uptick This Week — Moonbirds, Mutant Apes Take Top Sales SEC Risks Violating Admin Procedure Act by Rejecting Spot Bitcoin ETFs, Says Grayscale Interest in Real Estate Investments in Spain Grew 400%, With Some Using Crypto and Stocks as Payment Method

News Feed

Nobel Laureate Paul Krugman Compares Crypto to Housing Bubble and Subprime Crisis
Nobel Laureate Paul Krugman Compares Crypto to Housing Bubble and Subprime Crisis Nobel Prize-winning economist Paul Krugman has compared the current state of cryptocurrency to the
E-Commerce Giant Ebay Now Allows NFT Sales Citing ‘Massive Wave of Attention’
E-Commerce Giant Ebay Now Allows NFT Sales Citing ‘Massive Wave of Attention’ Ebay, which has 187 million buyers on its platform, is now allowing the sale of
LibreScan, the First Decentralized Blockchain Explorer Supported by QANplatform
LibreScan, the First Decentralized Blockchain Explorer Supported by QANplatform press release PRESS RELEASE. LibreScan, the First Decentralized Blockchain Explorer supported by QANp
Tom Mitchelhill7 hours agoInvesco Galaxy spot Bitcoin ETF joins BlackRock on DTCC siteThe Invesco Galaxy Bitcoin ETF (BTCO) now appears on the clearing house’s site but doesn’t indicate an impending approval.5031 Tot
80 Crypto Firms Interested in Establishing Presence in Hong Kong, Official Says
80 Crypto Firms Interested in Establishing Presence in Hong Kong, Official Says Hong Kong’s Secretary for Financial Services and Treasury has revealed that more than 80 crypt
Central Bank of Argentina Scrutinizes Companies Offering ‘Extraordinary Returns’ on Crypto Asset Investments
Central Bank of Argentina Scrutinizes Companies Offering "Extraordinary Returns" on Crypto Asset Investments The Central Bank of Argentina has announced it is making inquiries rega
New Coinbase Pro Mobile App Caters to Crypto Power Users
Coinbase is building a new mobile app for clients of its professional trading platform. The U.S.-based crypto exchange announced the new product Thursday, claiming the app would pro
Cryptocurrency ATMs Close Down in Singapore Following Central Bank’s Announcement
Cryptocurrency ATMs Close Down in Singapore Following Central Bank"s Announcement Cryptocurrency ATMs have closed down in Singapore following the guidelines issued by the central b
Ana Paula Pereira6 hours agoTexas is home to nearly 30% of all Bitcoin hash rate — FoundryAccording to Foundry’s data pool, Texas accounts for 28.5% of all Bitcoin hash rate in the United States.1180 Total views40 To
Amaka Nwaokocha12 hours agoBinance starts BTC/FDUSD and ETH/FDUSD trading pairs with zero-feesUsers can trade ETH/FDUSD with zero maker fee, while the standard taker fee will apply based on the user’s VIP level.3530 To
Malaysian kidnappers abducted Chinese man for $1M USDT: Report
Arijit Sarkar14 hours agoMalaysian kidnappers abducted Chinese man for $1M USDT: ReportSix Malaysian nationals, including a couple, have been charged with kidnapping a Chinese citizen and demanding a ransom of $1 million
India Reportedly Investigating Binance in Chinese Money Laundering Case
India Reportedly Investigating Binance in Chinese Money Laundering Case Indian authorities are reportedly investigating cryptocurrency exchange Binance in connec