Bitcoin Tough Exit From Billionaire Investor Rakesh Jhunjhunwala: Bitcoin Should Be Banned
Indian billionaire investor Rakesh Jhunjhunwala told CNBC that regulators should ban Bitcoin. The famous investor stated that the cryptocurrency is 'speculation of the highest order'.
As you know, Bitcoin, the most valuable cryptocurrency on the market, has hit a record high in recent weeks. Finally, the cryptocurrency, which managed to see an all-time high surpassing the $ 58,000 level, but suffered a hard fall by not being able to hold on there, also fueled curiosity about the market. And today, a billionaire investor came up with an opinion against Bitcoin.
Speaking to CNBC, Indian billionaire investor Rakesh Jhunjhunwala said regulators should crack down on the cryptocurrency. "I think it's speculation of the highest order. I don't want to go to every party in town. I think the hangover is much worse."he reacted to Bitcoin with his words. The investor also stressed that he would never buy Bitcoin in his lifetime.
'Bitcoin should be banned':
The famous investor, also known as India's Warren Buffet, has also invited regulators in India to take action against Bitcoin. Regulators should ban Bitcoin, the investor said, adding that the focus should be on the digital rupee. He also added that something that plays between 5% and 10% during the day cannot be a currency.
Many investors around the world see Bitcoin as the payment method of the future, as well as a protection against inflation. But as these views continue, negative views are also being conveyed from high positions of states against Bitcoin. For example, recently, US Treasury Secretary Janet Yellen stated that Bitcoin is a highly inefficient way to conduct transactions.
The cryptocurrency market, which has been in a bullish period in recent weeks, started the week with a big drop after Janet Yellen's statements. Bitcoin had already seen $ 45,000 in its decline, which began earlier in the week. Bitcoin's decline was accompanied by altcoins, and many who had just entered the market panicked and left the market.