Saudi Billionaire Prince Hates Bitcoin

Saudi Billionaire Prince Hates Bitcoin

The rise of the Bitcoin cryptocurrency has been a major part of the global economy for a number of years but has failed to gain the confidence or trust of the financial experts of the Saudi government. Many financial experts are joining members of the Royal family of Saudi Arabia in stating the problems facing the financial markets with the rise of Bitcoin and other cryptocurrencies some are comparing to the Enron crisis which came to light in 2001.

In comparing the rise of Bitcoin and its fellow cryptocurrencies to the Enron scandal which the Saudi Prince Alwaleed believes will cause major problems for nations and major organizations across the planet in the future. The billionaire Prince has joined a number of leading financial experts in declaring their mistrust of the unregulated trading taking place in cryptocurrencies across the world; JP Morgan CEO Jamie Dimon and his Goldman Sachs counterpart Lloyd Blankfein have joined forces to declare the rise of Bitcoin could cause a major problem for the future of the markets.

Prince Alwaleed has devoted a small amount of his time to the discussion over whether the Bitcoin bubble will one day burst and cause hardship on the individuals, companies, and nations linking their personal success to the continued growth of various types of cryptocurrencies. Bitcoin is the most famous of the newly arrived industry for mining and trading cryptocurrencies which have risen to individual costs of around $6,100 per coin and a market cap at an astonishing $98 billion.

The huge costs of the global trade in Bitcoins has resulted in a growing level of success in the market but many financial experts are now calling for caution as they fear a financial bubble is now being created; the bursting of any Bitcoin bubble would cause major financial problems across the markets and even risk the security of a number of nations now linking their future success to cryptocurrencies.

Prince Alwaleed believes the lack of regulation of Bitcoin mining and trading is a problem which could lead to problems as high profile as the Enron scandal of 2001 and 2002. In comparing the rise of Bitcoin to Enron, Prince Alwaleed has brought back memories of a scandal that saw billions of dollars in debt hidden from the shareholders of the oil and gas giant, Enron; from a market high of more than $90 to just $0.97 per share following the company declaring bankruptcy in December 2001. The Saudi Monetary Authority joined Prince Alwaleed in declaring the potential issues facing the Bitcoin currency and its effects on the individual investments of investors at all levels of the financial industry.

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