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Indian billionaire investor Rakesh Jhunjhunwala said the country’s regulators should ban cryptocurrencies such as bitcoin.
The investor, sometimes referred to as Indian Warren Buffett, said he “will never buy bitcoin”.
“I think this is top notch speculation. I don’t want to join every party in town. I think the hangover is a lot worse,” he told “Street Signs Asia” on Tuesday. CNBC.
Bitcoin has had a spectacular run in 2021 and has grown by more than 90% so far this year, according to data from Coin Metrics.
These large gains have been attributed in part to the increased adoption of bitcoin by major investors and companies, including Elon Musk’s Tesla and Bank of New York Mellon.
Indian regulators have yet to make a decision on bitcoin and other cryptocurrencies, but it is widely believed that the government is considering banning all private virtual currencies and launching its own official digital currency.
I think regulators should step in and ban bitcoin. And they should focus on the digital rupee.
Rakesh Jhunjhunwala
Partner, rare companies
Jhunjhunwala said Indian regulators have a role to play in keeping bitcoin out.
“I think regulators should step in and ban bitcoin”, said the investor who is currently a partner in asset management firm Rare Enterprises. “And they should focus on the digital rupee.”
Bullish on India
On the country’s prospects, he was optimistic and said he believed India would make a strong recovery based on the reforms and policy initiatives taken by the government in the recent budget.
“Thinking that we now have a resurgent India. The Indian budget has indicated that the government will do what needs to be done in terms of policies and reforms. All of these things will come together,” he added.
In the recent budget release, Finance Minister Nirmala Sitharaman announced plans to step up capital investment and implement financial sector reforms to support India’s battered economy following pandemic-induced slowdown .
She also said India will need to borrow 800 billion rupees ($ 10.96 billion) in the next two months on the bond market.
The billionaire has predicted that India will experience strong growth next year as the country rebounds from the pandemic.
“I think India is in the last phase of Covid-19,” he said, adding that the country is expected to see 10% to 11% growth next year.
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