Saudi billionaire prince says bitcoin ‘is Enron in the making’

Peer-to-peer decentralized virtual currency is riding a wave of momentum, primarily from the 500 percent gain this year. The bitcoin community is ecstatic, bitcoin investors are hoping for even more gains and avid bitcoiners will spit in your face if you say anything negative about the cryptocurrency.

What will they think about Saudi billionaire investor Prince Alwaleed bin Talal’s recent remarks?

Speaking in an interview with CNBC on Monday, one of the world’s richest men says bitcoin is nothing but “enron in the making,” arguing that the digital currency will eventually implode.

“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 said. “It just doesn’t make sense. This thing is not regulated, it’s not under control, it’s not under the supervision of the Federal Reserve or any other central bank.”

To make matters worse, bin Talal conceded that he is in agreement with JPMorgan Chase CEO Jamie Dimon.

Dimon has vehemently criticized the digital currency for much of 2017, predicting that it will inevitably crash. He has since said that he will no longer talk about bitcoin – he was slapped with a market abuse claim.

At the time of this writing, bitcoin is trading at around $5,730.

He also predicted that Citigroup stock will top $100 and that President Donald Trump’s policies have boosted the domestic stock market by $5 trillion.

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