Prince Alwaleed bin Talal, the grandson of King Abdulaziz Alsaud, the founder of Saudi Arabia, which has countless princes and billionaires, is among the richest people in the world.. The Prince of Saudi Arabia said: “Bitcoin will collapse like Enron.” >Agrees with Jamie Dimon
Speaking to CNBC, the prince said:
“I don’t believe in this Bitcoin thing. I think one day it will explode. I think it’s Enron too,” he said.
Despite its reputation for early detection of new and successful technology trends, the prince said that the definitive reason for Bitcoin’s failure was the lack of a central governing authority. In this respect, they have a lot in common with Chase CEO Jamie Dimon.
“This makes no sense. (Bitcoin) is not overseen by the United States Federal Reserve or any central bank. I don’t believe that at all. Agree with Jamie Dimon. “
Why does it look like Enron?
Enron was an example of fraud, a company using accounting loopholes for a misleading statement, auditors associated with management, and a Board of Directors that resists the faults of managers and directors. The result of this systematic fraud was the bankruptcy of Enron and the dissolution of Arthur Andersen, one of the five largest audit firms in the world at the time.
With a fraudulent company, decentralization is a currency (anonymous) There is actually no similarity between them. Prince believes Bitcoin price will collapse as Enron’s share price drops from $90 to below $1.
Bitcoin threatens some organizations
Jamie What Dimon and Prince Alwaleed don’t realize (or don’t want to realize) is that outside of the control of a central governing authority, Bitcoin’s strength is not its weakness. We have seen that authoritarian governments, including China and Russia, are trying to distribute Bitcoin by closing stock markets and proposing strict regulations. Bitcoin threatens organizations by allowing people to control their own money. It’s no wonder that Wall Street royalty and Middle Eastern princes are so threatened to take him down.
cointelegraph