Another name joins the long line of bitcoins skeptics who believe the cryptocurrency is in a bubble as the digital currency continues to set records 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,” Saudi billionaire Prince Alwaleed told CNBC in an interview. “It just doesn’t make sense. This think is not regulated, it’s not under control, it’s not under the supervision” of any central bank. Alwaleed said.
The prince, who has a talent for early-stage investing in technology companies like Twitter and AOL, joins JPMorgan Chase CEO Jamie Dimon in bashing the cryptocurrency trend.
Dimon has called bitcoin a “fraud” and has said he would sack any employees trading it for being “stupid.” Last week, his JPMorgan Chase announced that it is developing a blockchain payments network on a crypto-network called Ethereum, another cryptocurrency like bitcoin, signaling that while Dimon may not “get” bitcoin, he believes in the blockchain technology behind it.