An Indian billionaire and adherent of Warren Buffett’s approach, Rakesh Jhunjhunwala, is convinced that the “bitcoin party” will end badly for its participants. He said this on CNBC.
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“In my view this is top-tier speculation. I do not want to join every party in town. The hangover will be severe.”, the investor predicted.
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The interview took place on the eve of a sharp market decline on February 23. On that day the price of bitcoin reached $45,000, and the market capitalization of the leading cryptocurrency fell below $900 billion.
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Jhunjhunwala also backed the government’s proposed bill to ban digital assets and work on the creation of a digital rupee .
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As ForkLog reported, Indian authorities are prepared to give cryptocurrency holders three to six months to close their positions.
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In April 2018, the Reserve Bank of India banned regulated institutions from providing services to individuals and companies related to cryptocurrencies. In March 2020 the Supreme Court of the country overturned the ban.
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Recently US Treasury Secretary Janet Yellen criticised Bitcoin and noted the need to create a digital dollar.
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