According to Prince Alwaleed, a Saudi billionaire, the bitcoin rally will not last forever.
The currency, which has soared around 500% just this year, is going to “implode” one day, says the Prince.
Prince Alwaleed, who is the founder of Kingdom Holding Co., said in an interview on CNBC’s “Squawk Box”, “It just doesn’t make sense. This thing is not regulated, it’s not under control, it’s not under the supervision,” of any central bank.
He continued, “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.”
Alwaleed runs Kingdom Holding who has investments that include Apple and Twitter.