FX.co ★ Saudi Prince says Bitcoin is doomed to failure

The Bitcoin is still a quite popular topic for discussion in the financial community. It is constantly under the spotlight just like policy decisions of the Fed, the IMF, and the ECB. Both supporters and detractors of the world’s first cryptocurrency agree that this phenomenon has become a part of our lives.

Saudi billionaire and investor Prince Alwaleed bin Talal stood against the Bitcoin, comparing it with the fraud in the US energy company Enron. In an interview he said: “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. It just doesn't make sense. This thing is not regulated, it's not under control, it's not under the supervision.” Some people tend to put everything under supervision. But this is what the Bitcoin is all about – there should be no control at all. It is like eating ice cream and saying that it is tasty but cold. This cryptocurrency was created as a payment instrument that does not involve any centralized control.

Remarkably, the Saudi billionaire is not the only one who argues against promotion and investing into cryptocurrencies. Such tycoons as Ray Dalio, the founder of Bridgewater Associates, JP Morgan President Jamie Dimon, and BlackRock CEO Larry Fink are not enthusiastic about digital money.