Bitcoin to go way of Enron, Prince Alwaleed bin Talal

Bitcoin to go way of Enron, Prince Alwaleed bin Talal

It might be on a high right now, but Bitcoin will follow the path of Enron and implode, according to Saudi billionaire investor Prince Alwaleed bin Talal.

“It just doesn't make sense,” Alwaleed told CNBC's Squawk Box programme. “Bitcoin is not regulated, it's not under control, it's not under the supervision of any central bank. 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.”

Supporters of the cryptocurrency would no doubt point out that Alwaleed, the head of the Kingdom Holding, which has Apple and Twitter among its investments, has ties to the authoritarian regime of Saudi Arabia, whilst Bitcoin is free of government control. But he is not alone in his hostility. BlackRock CEO, Larry Fink, recently remarked: "Bitcoin just shows you how much demand for money laundering there is in the world." Whilst JPMorgan Chase CEO, Jamie Dimon, commented: “It’s a fraud. It's just not a real thing, eventually it will be closed."

See also: Is Amazon finally getting onboard with Bitcoin?

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