{"id":65139,"date":"2022-06-16T09:01:13","date_gmt":"2022-06-16T09:01:13","guid":{"rendered":"https:\/\/www.cryptocabaret.com\/?p=65139"},"modified":"2022-06-16T09:01:13","modified_gmt":"2022-06-16T09:01:13","slug":"billionaire-sam-zell-ive-stayed-away-from-bitcoin-at-all-costs","status":"publish","type":"post","link":"https:\/\/www.cryptocabaret.com\/?p=65139","title":{"rendered":"Billionaire Sam Zell: I\u2019ve Stayed Away From Bitcoin at All Costs"},"content":{"rendered":"

\"Billionaire<\/p>\n

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.
<\/strong><\/p>\n

Sam Zell Remains Skeptical of Bitcoin<\/h2>\n

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.<\/p>\n

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:<\/p>\n

\n

I\u2019ve basically stayed away from bitcoin at all costs.<\/p>\n<\/blockquote>\n

The billionaire investor explained that the reason he does not invest in BTC<\/a> is simply because he does not understand it.<\/p>\n

\u201cI do not understand its security \u2026 I don\u2019t understand all the losses that have occurred where bitcoins have been siphoned out of institutions,\u201d he elaborated.<\/p>\n

The executive opined:<\/p>\n

\n

I think that when it\u2019s all said and done, any kind of a currency without the backing of a government in some fashion is unlikely to work.<\/p>\n<\/blockquote>\n

In conclusion, Zell described: \u201cI have not participated. I\u2019ve 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\u2019t cheap.\u201d<\/p>\n

The billionaire investor said in December 2020 that he is \u201cvery skeptical\u201d of bitcoin. However, he noted that \u201cUltimately, it may be the answer or one of the answers. But right now, it\u2019s a world that\u2019s extraordinarily populated by chameleons and other fast-talking characters. I don\u2019t believe everybody involved in it are the kind of people I\u2019d like to follow.\u201d<\/p>\n

What do you think about Sam Zell\u2019s bitcoin stance? Let us know in the comments section below.<\/strong><\/em><\/p>\n

Powered by WPeMatico<\/a><\/small><\/p>\n","protected":false},"excerpt":{"rendered":"

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 […]<\/p>\n","protected":false},"author":2,"featured_media":65140,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[309],"tags":[],"class_list":["post-65139","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cryptocurrency"],"_links":{"self":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/65139","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=65139"}],"version-history":[{"count":0,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/posts\/65139\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=\/wp\/v2\/media\/65140"}],"wp:attachment":[{"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=65139"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=65139"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cryptocabaret.com\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=65139"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}