Saudi billionaire investor Prince Alwaleed bin Talal said Monday that bitcoin will implode one day.

“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, Alwaleed said in an interview on CNBC’s “Squawk Box.”

“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,” Alwaleed said.

Bitcoin has surged about 500 percent this year. The cryptocurrency also hit an all-time high recently, breaking above $6,100 for the first time on Saturday.

It traded down 1.5 percent at $5,894.62 on Monday.

Alwaleed also said he agrees with JPMorgan Chase CEO Jamie Dimon’s assessment of the cryptocurrency. Dimon last month called bitcoin a “fraud” that will eventually blow up.

Source: Tech CNBC
Prince Alwaleed says bitcoin will implode: 'Enron in the making'