Equity Group Investments founder says he doesn’t get crypto.

June 16, 2022

In an interview with CNBC, multi billionaire Sam Zell expressed his dislike for the cryptocurrency.

“Bitcoin at $21,000 is cheaper than it was at $40,000, but it still ain't cheap," Zell said.

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

Any kind of a currency without the backing of a government in some fashion is unlikely to work, Sam Zell said.

The billionaire investor had earlier said that he is “very skeptical” of bitcoin.

Sam Zell also expressed some concerns regarding the kind of people that work in the industry.

Bitcoin is currently trading at just above $21,700.