Saudi Prince Predicts Bitcoin Implosion

Downtown building demolition by implosion


Bitcoin has been breaking new price records throughout 2017 and recently surpassed the $6,000 mark, but skeptics continue to predict its eventual demise. From various government officials around the world to leading experts in the world of finance, there’s been no shortage of skeptics willing to offer their opinions about the fate of the world’s most well-known digital currency. Today, Saudi Prince and billionaire businessman Alwaleed bin Talal joined that chorus of criticism, predicting that the cryptocurrency will eventually implode.

During an interview on CNBC’s Squawk Box, Alwaleed 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.” He explained that belief by suggesting that,

"It just doesn't make sense. This thing is not regulated, it's not under control, it's not under the supervision of … the United States Federal Reserve or any other central bank. So, I just don’t believe in this whole thing at all. I think it’s going to implode. So, I’m in agreement with Jamie [Dimon].”

CNBC contributor Josh Brown later said that there is nothing profound about predictions that Bitcoin will eventually blow up, since “It does that on a regular basis. You should expect regular blow ups because it's all speculative. Doesn't mean it's [not] going to outlive each and every blow up along the way."

Brown also suggested that Alwaleed’s comments were unsurprising. As a Saudi Prince, the billionaire is tied to a government that is widely viewed as authoritarian in nature – the type of government that would be naturally resistant to any currency that operates outside its control.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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