Rakesh Jhunjhunwala the Indian Billionaire investor who is known as the Indian Warren Buffet. He told that the regulators of the country should be focusing on banning Bitcoin and other cryptocurrencies. Such comments were made as the Indian Parliament is potentially considering “The Cryptocurrency and Regulation of Official Digital Currency Bill,2021”. which has been slated for introduction, consideration, and passing at the ongoing Budget session of Parliament
According to the data from Coin Metrics, Bitcoin has had a glorious run in 2021 which saw it surging more than 90% so far in the year alone. Those strong gains have contributed in part to the increasing adoption of bitcoin by major investors and companies like Elon Musk’s Tesla and the Bank of New York Mellon.
Tesla CEO Elon Musk’s tweet last week which defends Tesla’s investment in digital currency made Bitcoin scaling a new high of $58,000. However, it was also his tweet later that weekend which focuses concern over the meteoric rise of the cryptocurrency, that resulted in 16% fall .
To Quote Rakesh Jhunjhunwala “I wont buy it for even $5” !!
Rakesh Jhunjhunwala, a partner at the asset management firm Rare Enterprises. who has a net worth of $3.3 billion as of February 24 2020, has quoted “I will never buy Bitcoins”. he told CNBC on Tuesday that “I think it’s speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse,”
Jhunjhunwala stated, “the US dollar fluctuating 1-2 per cent makes big news “. “Bitcoin fluctuates 5-10 per cent almost every other day”.” Something that fluctuates 5-10 per cent in a day can’t be considered a currency”. “Only the sovereign has the right to create currency in the world”. He included, “I think the regulators should step in and ban Bitcoin and should also focus on digital rupee”.
Indian regulators have yet to make a decision on Bitcoin. The speculation that the government is planning to ban all private cryptocurrencies and to launch its own official digital currency is widespread. On the outlook for the country. he also told that he was optimistic and India will make a stong recovery based on the reforms and policy initiatives that the government has taken in recent budgets.
During these budget release, Finance Minister Nirmala Sitharaman shared her goals to carry out capital investment and implement financial sector reformation. Which is to support India’s battered economy following the pandemic-induced slowdown. The billionaire predicts that India will see strong growth in the next year as the country rebounds from the pandemic. ” I think India is at the last phase of covid-19,” he said, adding the country is likely to grow between 10% to 11% in the following year.