'India's Warren Buffett,' Rakesh Jhunjhunwala, Backs Bitcoin Ban
Billionaire investor Rakesh Jhunjhunwala has come out in favor of India's proposed cryptocurrency ban.
- Jhunjhunwala, the head of asset management firm Rare Enterprises and sometimes referred to as "India's Warren Buffett," told CNBC on Tuesday that he "will never buy bitcoin" and that regulators should step in and bar the use of cryptocurrencies.
- "The power to issue currencies should only be with the state," he said, calling for a focus on the creation of a digital rupee.
- India's parliament will consider a bill in its upcoming parliamentary session banning "private cryptocurrencies," which would make the country one of few globally to do so.
- Jhunjhunwala described bitcoin as "speculation of the highest order," asking how something that can fluctuate 10% a day be considered a currency.
- "If the dollar goes up by 1%-2%, it's world news. Yet, you have a currency that's fluctuating 10% every day," he said.
- Asked if he experienced any fear of missing out (FOMO) given the fortunes amassed by others in cryptocurrency, Jhunjhunwala said, "You don't have to join every party in town ... you should go to the parties which you like."
DISCLOSURE
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.
