Bitcoin is Going to Implode, Warns Saudi Prince Al-Waleed

On 23 October 2017, Saudi Prince Al-Waleed bin Talal appeared on CNBC criticizing BItcoin that the cryptocurrency is a fraud.

Al- Waleed who is a member of Saudi royal family, head of the Kingdom Holding Company, has a net worth estimated to be $17 billion. He agreed to the assessment made by JPMorgan CEO Jamie Dimon.

Jamie Dimon predicted the government would get interested in cryptocurrency after he made such a remark. Dimon’s bank is a backer of blockchain-related initiatives like the Enterprise Ethereum Foundation.

According to a transcript published by CNBC, Al-Waleed said, I just dont believe in this bitcoin thing, I think its just going to implode one day. It’s Enron in the making.

“It doesn’t make sense. This thing is not regulated. It’s not under control. It’s not under the supervision [of] any federal – elect – United States Federal Reserve or any other central bank. I don’t believe in this whole thing at all. I think it’s going to implode.”


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