"I bought some pounds on Friday," the chairman of WL Ross & Co. told CNBC's "Squawk Box" on Monday. "I may very well buy some more pounds today. I do think it's not the end of the Earth; Great Britain is not going to go to zero. It's easy to have people be too emotional. I also think there are some pretty big short positions in the hedge fund community in the pound and the euro and they will have to cover at some point, so there will be some natural demand coming into the market."
The pound sterling fell 3 percent against the dollar on Monday, holding near its lowest levels in about 30 years at around $1.32.
The British currency took a tumble after the United Kingdom voted in favor of leaving the European Union last week, surprising markets across the globe.
GBP/USD 1-month chartSource: FactSet
However, the separation process will be a long one, said Ross, who invests in distressed assets.
"Ultimately, I think it will be the world's most expensive divorce," he said. "But like most divorces, it's probably going to take a lot longer than it should."
"Once they trigger Article 50, the EU has two years to work things out with them, but at the end of that, there is another curious process, which is that at least 20 of the EU member states must approve, and those 20 must constitute at least 65 percent of the population. It's not an easy thing to end, and I think the longer it goes on, the more severe the consequences."