Billionaire Saudi prince calls bitcoin the next Enron


Billionaire investor and Saudi prince Alwaleed bin Talal has slammed bitcoin and called it "Enron in the making".

He predicts the cryptocurrency, which is on a streak hitting all time highs over the weekend will "implode" in a scathing comment on the nearly $100bn market.

Read more: Bitcoin's back below $6,000

"It just doesn't make sense. This thing is not regulated, it's not under control, it's not under the supervision," of central banks he said speaking to CNBC on Monday.

"I just don't believe in this bitcoin thing. I think it's just going to implode one day. I think this is Enron in the making,"

The cryptocurrency has surged in recent weeks, passing $6,000 over the weekend though later pulling back from those highs.

Read more: The "Wolf of Wall Street" fraudster thinks ICOs are a scam

The prince joins JP Morgan boss Jamie Dimon in warning against the bitcoin rush

And cryptocurrency issuing via an initial coin offering (ICO) was also slated today, with the fraudster nicknamed the Wolf of Wall Street (the man at the centre of the Hollywood movie of the same name) Jordan Belfort calling them a scam.

Meanwhile Alwaleed signalled more optimism when it comes to Twitter, the tech company in which he is an investor. “It’s not going to be easy because they face some difficulties, but our entry point was very reasonable, so right now it’s holding on a breakeven point,” he said.

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