July 4, 2022
“Cryptocurrencies are fiction,” says Parsi, Brazil’s largest investor, Port Cryptofacil

“Cryptocurrencies are fiction,” says Parsi, Brazil’s largest investor, Port Cryptofacil

‘Cryptocurrency is Fiction’ Says Biggest Investor in Brazil

Luiz Barsi Filho is the largest single investor in the Brazilian Stock Exchange. With his extensive portfolio built over more than 50 years, Parsi is known as the “King of Profits” because of his strategy.

Parsi’s philosophy is to acquire good stocks in permanent sectors that pay good profits. In this sense, the investor has stated several times that he does not like various products. Among them are cryptocurrencies, which Parsi calls “fantasy”.

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The introduction was given by Barsi in an interview with Valor Econômico along with his daughter Louise Barsi, who is also an investor and creator of Ações Garantem o Futuro (AGF). However, the views of father and daughter are slightly different from each other.

“Anyone who owns crypto will do badly,” Louise Barcy, 83, is a longtime advocate of investing in stocks of companies that pay dividends. In this way, the goal is to obtain long-term gains by forming what Parsi calls a “Social Security portfolio.”

And the method pays off. In 2021 alone, the investor says he received a dividend of R$300 million. For this reason, Louise Parsi usually pays little attention to investments other than stocks.

During the interview, the billionaire and his daughter were asked what they think of cryptocurrencies. Louise’s answer was emphatic: “Cryptocurrency is a fantasy.”

But daughter Louise took a more ambivalent position. On the one hand, she stated that she does not invest in cryptocurrencies, just like any other currency. On the other hand, he said that he “believes a lot in the technology behind it,” referring to blockchain.

In Louise Barcy’s view, even blockchain has no practical application. The billionaire even warned investors who are exposed to this market.

“It’s not good either as an investment or as an app. In my interpretation. Nothing against those who invest, but those who invest will lose. It’s just a matter of time,” the investor said.

The weather… This is the second time in a year that Louise Parsi has spoken negatively about cryptocurrency. The billionaire issued a similar opinion in March 2021, saying that he “doesn’t even consider cryptocurrency” as an investment.

In an interview with Valor, Luiz Barsi also criticized the mentality of the Brazilian financial market regarding long-term investing. For a billionaire, the stock market and brokerage encourage speculation rather than sustainable investing.

“In Brazil, among those who work in the stock exchange, there should not be 1% of the investors. Most of them want to buy and sell all the time. It is interesting that the stock exchange has speculators and not investors. The stock exchange wants brokerage and fees. Of course, it will not give preference to whom They buy it and keep it,” he said.

However, (BTC) is precisely the most profitable investment of the last decade, and it is precisely the long-term that Parsi advocates for. At current prices ($40,331), the cryptocurrency has already generated over 880,000% returns since 2011.

by CryptoFácil