23 Oct 2017
By William Watts, CNBC
Add Saudi billionaire Prince Alwaleed bin Talal to the roster of high-profile investors and financiers who don’t believe bitcoin and other cryptocurrencies are here to stay.
“I just don’t believe in this bitcoin thing. I think it’s just going to implode one day,” Alwaleed told CNBC in an interview Monday morning. “I think this is Enron in the making.”
Bitcoin is up around 500% in 2017 and last week topped $6,000 for the first time.
Bitcoin was down 2.3% Monday at $5,847.06 in recent trade, according to Coindesk.com.
Energy firm Enron collapsed in 2001 in one of the largest accounting scandals in U.S. corporate history.
Alwaleed said bitcoin “doesn’t make sense. This thing is not regulated, it’s not under control, [and] it’s not under the supervision” of any central bank.
Of course, to bitcoin proponents, those same criticisms are features rather than bugs.
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