Saudi Prince Al-Waleed bin Talal sharply criticized bitcoin during an appearance on CNBC today, saying that he agrees with JPMorgan CEO Jamie Dimon's assessment that the cryptocurrency is a "fraud."
"I just don't believe in this bitcoin thing," Al-Waleed said, according to a transcript published by CNBC. "I think it's just going to implode one day. It's Enron in the making."
When asked about the specific comparison between bitcoin and the infamous American energy company that fell apart in the early 2000s amid revelations of massive accounting fraud, Al-Waleed reiterated his position that he "just [doesn't] believe in bitcoin completely."
Al-Waleed went on to say:
It was then that Al-Waleed – a Saudi royal family member who, as head of the Kingdom Holding Company, has an estimated net worth of more than $17 billion – said he agreed with Dimon, who issued the now-infamous remark last month that he believes that bitcoin "is a fraud."
Dimon – whose bank is a backer of blockchain-related initiatives like the Enterprise Ethereum Foundation – has since doubled down on those remarks, predicting that governments would begin targeting the cryptocurrency.
Image via CBS/YouTube
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.