When asked if you’re going to buy bitcoin, the big bull Rakesh Jhunjhunwala replied, “I won’t even buy it for $ 5.” In an interview with CNBC International Television, said the investor as, “Only the sovereign has the right to create money in the world. Tomorrow people will produce 5 lakh bitcoins, what currency will go? Something that fluctuates 5-10% per day, can it be considered a currency? “
“If a dollar moves 1-2%, it becomes news, but bitcoin fluctuates 10-15% every day,” Jhunjhunwala said.
On cryptocurrency trading, he said: “I think this is top notch speculation.” The seasoned investor added, “I’m not going to buy even if the price goes up,” adding, “I don’t want to join every party in town, so I don’t even care about bitcoins.”
Fearing he might miss out on the crypto fever, he said, “There have been so many times the markets have gone up, but I have stayed out. You should only go to the parties you like.”
“I will never buy bitcoin in my life,” he reiterated.
A high-level committee had previously suggested that all private cryptocurrencies except state-issued virtual currencies would be banned in India. The central government will take a decision on the recommendation of the committee and on the legislative proposal, the finance minister said.
On the question of whether crypto trading will be banned in India, Jhunjhunwala echoed the same thought. He said: “The power to issue currency should only belong to the state and should be taken away from others.” “The greatest sovereign right is to issue currency,” he said, adding that “the regulator must ban cryptocurrency in India”.
Bitcoin jumped 18% on Tuesday and traded around $ 48,750. The sale put Bitcoin prices at their lowest in about two weeks.