American billionaire and activist Sam Zell has expressed his views about Bitcoin and said that Bitcoin even at $21,000 level is still not cheap. He was talking in a recent interview on CNBC’s “Squawk Box.” He shares his views that any cryptocurrency that is not in some manner supported by the government is unlikely to prosper. He is still not convinced with the security concept of the flagship cryptocurrency.
“I’ve basically stayed away from Bitcoin at all costs,” the real estate billionaire remarked during the interview.
Bitcoin near $20,000
Earlier this week, the world’s largest cryptocurrency Bitcoin was barely a hair’s width shy of breaking over the $20,000 barrier, recording an intraday low of $20,079. The US Fed rate hike which is estimated to be the highest rate rise in 28 years to combat inflation is also popularising a pessimistic attitude in investors.
Meanwhile, some argue that Bitcoin is currently in a very oversold position. According to Fidelity’s Jurrien Timmer, Bitcoin is really cheaper than it appears right now due to the cryptocurrency’s excellent foundations.
For years, Zell has been among many who have dismissed cryptocurrencies. He indicated in December 2020 that he was “skeptical about Bitcoin.” Zell founded the well-known investment strategy company Equity Group Investments.
