The billionaire investor known as India’s Warren Buffet, Rakesh Jhunjhunwala, has voiced his support for India’s impending cryptocurrency ban, warning that the hangover from Bitcoin (BTC) mania will be worse than the party itself.
Jhunjhunwala, speaking on CNBC’s Street Signs Asia segment on Feb. 23, said the Bitcoin party was one he’d rather not attend:
“I think it’s speculation of the highest order. I don’t want to join every party in town. I think the hangover is much worse.”
The headache from that hangover was felt to some extent on Tuesday, as almost $400 billion departed the global cryptocurrency market cap. Bitcoin lost close to 20% of its value in hours, while much of the altcoin market suffered losses in excess of 30%.
Whether that means the bullish Bitcoin party is over for now, or if investors will return for a hair of the dog that bit them, remains to be seen.
Either way, Jhunjhunwala is eager