'India's Warren Buffett,' Rakesh Jhunjhunwala, Backs Bitcoin Ban

Billionaire investor Rakesh Jhunjhunwala has come out in favor of India's proposed cryptocurrency ban.

• Jhunjhunwala, the head of asset management firm Rare Enterprises and sometimes referred to as "India's Warren Buffett," told CNBC on Tuesday that he "will never buy bitcoin" and that regulators should step in and bar the use of cryptocurrencies.
• "The power to issue currencies should only be with the state," he said, calling for a focus on the creation of a digital rupee.
• India's parliament will consider a bill in its upcoming parliamentary session banning "private cryptocurrencies," which would make the country one of few globally to do so.
• Jhunjhunwala described bitcoin as "speculation of the highest order," asking how something that can fluctuate 10% a day be considered a currency.
• "If the dollar goes up by 1%-2%, it's world news. Yet, you have a currency that's fluctuating 10% every day," he said.
• Asked if he experienced any fear of missing out (FOMO) given the fortunes amassed by others in cryptocurrency, Jhunjhunwala said, "You don't have to join every party in town ... you should go to the parties which you like."

See also: India Plans Twin Taxes on Exchanges and Traders Before Passing Crypto Bill: Report