India’s Warren Buffet says Bitcoin hangover will be worse than the party

The man known as India’s Warren Buffet is excited to get a blanket ban on all cryptocurrencies and considers the Bitcoin”celebration” will create a terrible hangover for investors.
The billionaire investor known as India’s Warren Buffet, Rakesh Jhunjhunwala, has given his support for India’s impending cryptocurrency ban, cautioning that the hangover from Bitcoin (BTC) mania will probably likely be worse than the celebration itself. Jhunjhunwala, talking on CNBC’s Street Signs Asia section on Feb. 23, stated the Bitcoin celebration was one he would rather not attend:”I think that it’s speculation of the maximum order. I do not want to join every party in town. I believe the hangover is significantly worse.” The headache with that hangover has been felt to some degree on Tuesday, as nearly $400 billion left over the international cryptocurrency market cap. Bitcoin lost close to 20% of its value in hours, even while a lot of the altcoin market suffered declines in excess of 30 percent .Whether that means the bullish Bitcoin celebration is over for now, or when investors will go back to get a hair of the dog that bit themremains to be viewed. Either way, Jhunjhunwala is excited to see Indian regulators rubber-stamp their ban on Bitcoin along with other cryptocurrencies, also considers the nation should concentrate on building its own CBDC — the digital rupee. “I believe regulators should step in and ban Bitcoin, and they should concentrate on the digital rupee,” said Jhunjhunwala.In mid-February, news broke regarding the Indian administration’s impending blanket ban on all cryptocurrencies, with holders expected to be given a three-to-six-month grace period to cash out their crypto funds. Not everybody is as excited as Jhunjhunwala to watch cryptocurrency banned in India. The central bank recently issued a directive to most commercial banks ordering them to cease doing business using cryptocurrency exchanges. That is despite, or perhaps because of the fact that Nigeria is among the busiest centers in the world for Bitcoin usage — so much so that Nigerian officials labeled it a threat to their own national currency.

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