A man known as ‘Warren Buffet of India’ is looking forward to a general ban on all cryptocurrencies, and believes that the Bitcoin ‘party’ will result in a terrible ‘hangover’ for investors.
Billionaire investor known as the ‘Warren Buffet of India’, Rakesh Jhunjhunwala, expressed his support for India’s cryptocurrency ban, warning that the hangover of Bitcoin’s ‘fever’ (BTC) will be worse than the party itself.
In an interview with CNBC this Tuesday (23), Jhunjhunwala compares Bitcoin with a party said he would prefer not to attend:
“I think it’s speculation of the highest order. I don’t want to join all the parties in town. I think the hangover is much worse. “
The ‘headache’ of this hangover was felt to some extent this Tuesday (23), when the capitalization of the cryptocurrency market shrank almost $ 400 billion. Bitcoin, for example, has lost about 20% of its value in a matter of hours, while much of the altcoin market has suffered losses in excess of 30% in the market.
It remains to be seen whether this means that the bullish Bitcoin party is over, or whether investors will once again rely on an appreciation movement.
Anyway, Jhunjhunwala is looking forward to seeing Indian regulators ‘stamp’ his ban on Bitcoin and other cryptocurrencies, and believes the nation should focus on building its own CBDC, the digital rupee.
“I think regulators should intervene and ban Bitcoin, and should focus on the digital rupee,” said Jhunjhunwala.
In mid-February 2021, news surfaced about the Indian government’s general ban on all cryptocurrencies, with a three to six month deadline for investors to withdraw their funds in cryptocurrencies.
However, not everyone is as anxious as Jhunjhunwala about India’s eventual ban on cryptocurrencies. Coinbase’s former chief technology officer, Balaji Srinivasan, expressed great concern about the ban, stating that such a move would be similar to banning the internet.
In addition to India, other nations have already moved to ban the spread of cryptocurrencies in the market. The Nigerian central bank, for example, recently issued a directive to all commercial banks in the country, ordering them to stop doing business with exchanges.
In contrast, Nigeria is one of the busiest centers in the world for using Bitcoins, so much so that Nigerian authorities labeled as a threat to their own national currency.