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'Don't want to join every party in town': Rakesh Jhunjhunwala backs Bitcoin ban

Rakesh Jhunjhunwala said regulators should step in and ban Bitcoin and they should focus on the digital rupee

twitter-logoBusinessToday.In | February 24, 2021 | Updated 09:38 IST
'Don't want to join every party in town': Rakesh Jhunjhunwala backs Bitcoin ban

Billionaire Indian investor Rakesh Jhunjhunwala wants the country's regulators to ban cryptocurrencies like Bitcoin.

Terming the popular cryptocurrency a speculation of the highest order, Jhunjhunwala said that he "will never buy Bitcoin". "I don't want to join every party in town. I think the hangover is much worse," the 'Big Bull' told CNBC.

Jhunjhunwala further said, "I think regulators should step in and ban Bitcoin and they should focus on the digital rupee."

Elon Musk's tweet early last week, defending Tesla's investment in the digital currency, saw Bitcoin scale a new record high of $58,000. However, it was his tweet later in the weekend, expressing concerns over the meteoric rise of the cryptocurrency, that resulted in the fall of the cryptocurrency in a matter of a few hours.

The cryptocurrency plunged more than 16 per cent to end below $50,000, giving up more than $8,000 early on February 22.

Bitcoin's rise to over $50,000 has been fuelled by signs that it is gaining acceptance among mainstream investors and companies - from Tesla and Mastercard to BNY Mellon.

Indian regulators are yet to make a decision on Bitcoin and other cryptocurrencies but there's widespread speculation that the government is planning to introduce its own official digital currency, banning all private virtual currencies.

Also read: Jeff Bezos back as richest man in the world as Elon Musk's net worth falls by $15 billion

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