Prince Al-Waleed Bin Talal declares Bitcoin a Fraud

In an interview with CNBC, the Saudi Prince Al Waleed bin Talal, a powerful businessman said that the Bitcoin is ‘Enron in the making.’ The company Enron was a huge financial scandal in which investors lost billions of dollars.

Enron was an American gas firm that declared itself bankrupt in 2001 after the executives hid billions of dollars of debt from the shareholders of the company.

Bitcoin in a similar fashion is a hot topic these days. As the trend has developed, the stakes have gone up.  The prince criticized the crypto currency’s lack of regulation as he said in his interview It just doesn’t make sense.’

This thing is not regulated, it’s not under control, and it’s not under the supervision of any central bank. I just don’t believe in this Bitcoin thing.’ 

It is reported that in 2009, 5,000 Bitcoins cost $27 but the current value of 1 Bitcoin these days is around $10,600. 

In Saudi law, there is no restriction on Bitcoin trading but the Saudi Arabian monitory authority has warned in a tweet that dealing with cryptocurrency may have negative results because it is not supervised by the government and the government will not be responsible if something goes bad.

Source: CNBC

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Steve has been living in Saudi Arabia since 2013 and writing about Saudi rules, regulations, guides, and procedures since then.