American billionaire businessman Sam Zell said that Bitcoin is still at a high price to buy.
Billionaire believes $21,000 is still high.
American billionaire said, “I basically stayed away from Bitcoin at all costs.”
Zell also stressed that the leading cryptocurrency is still struggling to understand the security model.
According to Zell, cryptocurrencies that are not backed by the government are useless.
Bitcoin’s Fall Continues
Bitcoin’s downtrend continues. The leading cryptocurrency narrowly avoided falling below the $20,000 level. The asset slumped to an intraday low of $20,079.
In an environment where the Fed is expected to raise interest rates to curb inflation, the expectation for a decrease continues.
Zell has been against cryptocurrencies for years. Although the billionaire said that he was skeptical of Bitcoin in December 2020, he said that he could still be wrong.
Bitcoin is trading at $21,370 at the time of writing, according to CoinMarketCap data.
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