Egyptian Billionaire Warns Against Bitcoin, Says It Could Be Hacked

Egyptian billionaire businessman Naguib Sawiris, the scion of Egyptian construction magnate Onsi Sawiris, is not interested in Bitcoin, according to a report published by Al-Ain News.

While acknowledging that cryptocurrencies could be a useful investment for some, the 67-year-old entrepreneur chooses to remain on the sidelines.

The telecom tycoon fears that Bitcoin could face a hacking attempt that could put a dent in its value.

Sawiris is a big proponent of gold. He said that almost a third of his investment portfolio could be allocated to the yellow metal in April.

Naguib Sawiris's billionaire brother, Samih Sawiris, appears to be more crypto-friendly. As reported by U.Today, his luxurious Swiss hotel started accepting Bitcoin and Ether in late August.

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