Billionaire Zbigniew Jakubas Warns Against Crypto and Questions the Real Value of the Dollar
Zbigniew Jakubas, founder of the Multico Group and a top-ranked Polish investor, warns that the U.S. dollar’s real purchasing power has eroded significantly, potentially representing only a small fraction of its nominal value. According to Jakubas, whose net worth is estimated at 5.94 billion PLN by Forbes, the decoupling of the dollar from gold reserves decades ago transformed it into a fiat currency vulnerable to losing its store-of-value function. He advises against parking capital in low-interest deposits, citing the consistent loss of real value over time.
Why does a billionaire view the dollar as a “currency without backing”?
Jakubas argues that the current valuation of the dollar is largely untethered from physical assets. In an interview with Strefa Biznesu, he suggested the currency’s real worth might be as low as three to six cents on the dollar. He points to the historical abandonment of the gold standard as the turning point that transitioned the global economy toward a system of purely contractual value. He cites rising real estate prices in cities like Los Angeles not as evidence of increased housing utility, but as a direct symptom of the dollar’s declining purchasing power.
What is the risk of investing in digital assets?
Jakubas maintains a strict skepticism regarding cryptocurrencies, which he characterizes as digital-only constructs lacking a foundation in the physical world. While he acknowledges the argument that all modern currencies are essentially social contracts, he rejects the volatility and lack of tangible backing inherent in crypto. He notes that many cryptocurrency ventures end in bankruptcy or total loss of funds, reinforcing his preference for investments tied to industrial, energy, or technological infrastructure.
How do billionaire investment strategies differ from retail trends?
While retail investors often chase the high volatility of Bitcoin, Jakubas focuses on established industrial sectors. His portfolio includes significant stakes in Mennica Polska, Newag, and the Center for Modern Technologies. This approach prioritizes companies with physical assets and tangible production capabilities over speculative digital tokens. Data from the 2024 Forbes list highlights the success of this strategy, with Jakubas climbing to 13th place among Poland’s richest individuals, up from 26th the previous year.
Comparison: Asset Backing vs. Digital Speculation
| Asset Type | Primary Value Driver |
|---|---|
| Industrial/Manufacturing | Physical infrastructure and production |
| Cryptocurrency | Market demand and contractual trust |
Frequently Asked Questions
- Why does Zbigniew Jakubas distrust the U.S. dollar?
He believes the removal of the gold standard turned the dollar into a currency without physical backing, leading to long-term loss of purchasing power. - Is Bitcoin a safe investment?
Jakubas advises caution, noting that Bitcoin lacks physical reality and its value is based entirely on what another buyer is willing to pay. - What is the best alternative to bank deposits?
The investor suggests looking toward companies with real-world technological and industrial assets rather than speculative digital products.
What is your take on the future of fiat currency versus digital assets? Join the conversation in the comments below or subscribe to our newsletter for more expert investment insights.