While many investors are mulling over investing in Bitcoin, Indian billionaire investor Rakesh Jhunjhunwala is very clear that he will not join this party in town, stated a new report. He went on to suggest a ban on the cryptocurrency.
“I will never buy Bitcoin in my life,” stated Jhunjhunwala, who is usually referred to as India's Warren Buffett. “I think it is speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse.” He said this while commenting on Bitcoin, which has seen over 80 per cent change in its valuation in a very short period. He added that no currency can have such a level of appreciation or depreciation in a single day.
The power to produce currency should only be with the state, and should not be given to just anyone, stated Partner at Rare Enterprises.
In the past, the Reserve Bank of India (RBI) had banned banks from using their systems for cryptocurrency-related transactions. This curb was later reversed by the Supreme Court.
Meanwhile, with the Cryptocurrency and Regulation of Official Digital Currency Bill 2021, the government is signalling the launch of digital rupee. Once passed, the RBI will join other central banks across the world that are exploring the introduction of a Central Bank Digital Currency, or CBDC. Commenting on this move, the investor said, “I think regulators should step in and ban Bitcoin.” He added the focus should be on digital rupee.
Bitcoin, which touched a low of $44,964.49 in a 24-hour period, had seen a surge in its valuation since 2021. The peak of this cryptocurrency was $58,332.36 per Bitcoin.The cryptocurrency's market value crossed the $1-trillion mark on 20 February.
