July 6, 2023 7:07 AM | 1 min read
In a bold statement made back in October 2017, Saudi billionaire investor Prince Alwaleed bin Talal cast doubt on the future of Bitcoin (CRYPTO: BTC) asserting that the popular cryptocurrency would eventually “implode.”
What Happened: His comments, made during an interview on CNBC’s “Squawk Box,” emphasized concerns over the lack of regulation, control, and oversight surrounding Bitcoin.
Alwaleed expressed his skepticism, saying, “It just doesn’t make sense. This thing is not regulated, it’s not under control, it’s not under the supervision” of any central bank.
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He drew a parallel to the notorious Enron scandal, a massive accounting fraud that led to the bankruptcy of the U.S. energy-trading and utilities giant in late 2001.
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Current Price: Fast forward to the present, and Bitcoin has experienced a staggering surge in value. On October 23, 2017, the day Alwaleed shared his skeptical views, Bitcoin concluded trading at $5,868. As of today, Bitcoin is trading at $30,600.
If you had invested $100 when Prince Alwaleed made his prediction, that initial investment would have generated a profit of $421, bringing the total to $521 if the trade were closed today.
Read Next: Bitcoin, Ethereum, Dogecoin Tumble Amid Hawkish FOMC Minutes Reveal: Analyst Says King Crypto Prime For Explosive Surge As History Set To Repeat Itself
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Price Action: At the time of writing, BTC was trading at $0.000007519, down 2.75% in the last 24 hours, according to Benzinga Pro.
Photo by Oier Aso on Shutterstock
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