Saudi billionaire Alwaleed sees Enron-like demise for Bitcoin

The prince joins the likes of JPMorgan Chase & Co CEO Jamie Dimon in lambasting the cryptocurrency
Saudi billionaire Alwaleed sees Enron-like demise for Bitcoin
Saudi billionaire Prince Alwaleed is joining the long line of sceptics saying bitcoin is a bubble as the digital currency continues to set record highs. Photo: ISHARA S KODIKARAAFP/Getty Images
By Bloomberg
Tue 24 Oct 2017 08:23 AM

Saudi billionaire Prince Alwaleed is joining the long line of sceptics saying bitcoin is a bubble as the digital currency continues to set record highs.

“I just don’t believe in this bitcoin thing. I think it’s just going to implode one day. I think this is Enron in the making," Alwaleed told CNBC in an interview. "It just doesn’t make sense. This thing is not regulated, it’s not under control, it’s not under the supervision" of any central bank, he said.

The prince, who has a knack for early-stage investing in technology companies like Twitter and AOL, joins the likes of JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon in lambasting the cryptocurrency.

Dimon called bitcoin a “fraud” and said he would fire any employee trading it for being “stupid.”

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