Headline: Миллиардер Джустра предостерегает инвесторов о рисках биткоина, сравнивая его с драгметаллами Translation: Billionaire Giustra Warns Investors About Bitcoin Risks, Comparing It to Precious Metals

Canadian billionaire Frank Giustra has questioned the status of the first cryptocurrency as a safe-haven asset. The businessman believes that digital coins are much easier to confiscate than precious metals, which makes investing in digital assets risky.

“Just look at the hyped governmental bitcoin reserve — it is entirely composed of seized coins. This alone should give investors pause. Transactions are easily traceable, and when governments find themselves in desperate situations, they will choose the path of least resistance,” the businessman remarked.

Giustra recalled a debate he had five years ago with Strategy founder Michael Saylor. He emphasized that his criticism is not aimed at the technology itself, but at the marketing tactics for the asset, which he feels are driven by greed and the fear of missing out (FOMO).

The investor pointed out the constant shifts in narratives surrounding the first cryptocurrency due to a «crisis of identity»:

“Today serves as a prime example of why bitcoin is not gold. Amid uncertainty concerning Greenland, the metal saw a significant price surge, while the cryptocurrency dropped by the same percentage. One asset is a ‘safe haven,’ while the other is a speculative instrument,” he noted in a discussion with a user named Lucas.

Giustra also published an article detailing the risks for «unsophisticated investors.» He condemned Saylor’s calls to leverage real estate for purchasing cryptocurrency, labeling it a recipe for financial disaster.

The billionaire also highlighted issues with market infrastructure:

“It resembles a game of musical chairs among the wealthy buyers. Each rich individual anxiously looks around, wondering who will be the first to leave the game as the music fades,” Giustra added.

The billionaire’s stance aligns with that of gold supporter Peter Schiff. The economist pointed out that bitcoin’s failure to rise alongside precious metals undermines its reputation.

Schiff warned of a potential collapse in the digital asset’s value due to the disappointment of speculators.

Market participants have also expressed concern over Saylor’s silence. After hinting at purchasing coins on January 18, he ceased posting updates on the matter, which investors interpreted as a troubling sign.

It’s worth noting that ARK Invest CEO Cathie Wood stated that the mathematically limited supply makes the first cryptocurrency a superior scarce asset compared to gold.