Saudi billionaire Prince Alwaleed has predicted an Enron-like ending for bitcoin. But the cryptocurrency keeps rising.
Saudi billionaire Prince Alwaleed bin Talal joined the long and growing line of naysayers. The renowned investor claims bitcoin is a bubble as the digital currency continues to set record highs.
The prince, who is known for early stage investing in technology companies like Apple, Twitter and AOL, joins the likes of Blackrock's Larry Fink and J.P. Morgan's Jamie Dimon in mocking the cryptocurrency.
Nervous Investor
He is also heavily invested through his Kingdom Holding Company in numerous banks and financial services firms. Financial technology and cryptocurrencies have the potential to dilute vast swathes of the traditional banking industry in which the prince is invested.
Swiss banking giant UBS also believes bitcoin is not going to last the course. In the most recent UBS Wealth Management's chief investment office report on Cryptocurrencies, «Beneath the Bubble,» Sundeep Gantori, equity analyst, UBS Wealth Management remains to be convinced.
Going to Implode
But with bitcoin having now broken through the $6,ooo mark and surpassed a market capitalisation mark of $100 billion for the first time, despite the recent and high profile negative comments, to its supporters investors and traders alike bitcoin is an almost un-killable beast, or at least an incredibly robust animal.
«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.
