Bitcoin is a form of digital currency used to make payments of any value without any fees. No one controls it and are created electronically as we all know. We have seen a surge in the price of bitcoin lately ever since Wall Street making announcements considering bitcoins as a new asset class. We seen the value dip last month and the recent recovery to the new levels reaching $6000. There are people in favour of bitcoins and some against them. To join the list of skeptics is Saudi billionaire Prince Alwaleed who thinks bitcoin is a bubble. Whereas on the other hand bitcoin continues to set record highs.
Why Investors Are Piling Into Bitcoin
While talking to CNBC Prince Alwaleed said – “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,”
He further added saying – “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.”
Prince Alwaleed is known to be an early investor in technology companies like Twitter and AOL, joins list of entities like JPMorgan Chase & Co. Chief Executive Officer Jamie Dimon in criticizing the cryptocurrency.
We are all aware Dimon once called bitcoin a “fraud” and said he would fire any employee trading it for being “stupid.”
There are mixed reaction all over the world regarding the cryptocurrency, but the truth of the matter is right now it is moving in one direction and that is up.
Do mention your views about bitcoin in the comments below.