- Rakesh Jhunjhunwala said he would never buy bitcoin.
- The Indian billionaire investor also wants regulators to ban Bitcoin
Rakesh Jhunjhunwala, sometimes referred to as India’s Warren Buffett said he would never buy bitcoin. He is a popular face in India’s business landscape.
Jhunjhunwala shared his thoughts as follow:
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.
He also added that the country’s regulators should step in and ban cryptocurrencies such as bitcoin. And they should instead focus on making the digital rupee.
Indian crypto enthusiasts were forced to deal with uncertain regulatory systems. In March 2020, the Supreme Court reversed an earlier ban by the Reserve Bank of India (RBI). This is to prevent commercial banks from servicing crypto exchanges. Months after the ban was lifted, the RBI is back, warning to ban all private cryptocurrencies.
Also, Indian banks hardened their inspection over crypto-related accounts. Some banks began to ask clients to clarify their account activities. These banks include HSBC, HDFC Bank, Citibank, and ICICI Bank.
Meanwhile, bitcoin’s price raised sharply over the previous month but has since retreated over the past few days. BTC is trading at $50,500 at the time of writing. This is more than a 64% increase since the beginning of the year.