Share this article
'India's Warren Buffett,' Rakesh Jhunjhunwala, Backs Bitcoin Ban
Jhunjhunwala told CNBC he "will never buy bitcoin" and that Indian regulators should step in and ban cryptocurrencies.
Updated Sep 14, 2021, 12:15 p.m. Published Feb 23, 2021, 11:28 a.m.
Billionaire investor Rakesh Jhunjhunwala has come out in favor of India's proposed cryptocurrency ban.
STORY CONTINUES BELOW
Don't miss another story.Subscribe to the Crypto Daybook Americas Newsletter today. See all newsletters
- 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
More For You
What to know:
- As of October 2025, GoPlus has generated $4.7M in total revenue across its product lines. The GoPlus App is the primary revenue driver, contributing $2.5M (approx. 53%), followed by the SafeToken Protocol at $1.7M.
- GoPlus Intelligence's Token Security API averaged 717 million monthly calls year-to-date in 2025 , with a peak of nearly 1 billion calls in February 2025. Total blockchain-level requests, including transaction simulations, averaged an additional 350 million per month.
- Since its January 2025 launch , the $GPS token has registered over $5B in total spot volume and $10B in derivatives volume in 2025. Monthly spot volume peaked in March 2025 at over $1.1B , while derivatives volume peaked the same month at over $4B.
More For You
Ethereum’s P2P Layer Is Improving Just as Institutional ETH Buys Pick Up
Early PeerDAS performance is proof that the Ethereum Foundation can now ship complex networking improvements at scale.
What to know:
- Ethereum co-founder Vitalik Buterin said that the network is addressing its lack of peer-to-peer networking expertise, highlighting the progress of PeerDAS.
- PeerDAS, a prototype for Data Availability Sampling, is crucial for Ethereum's scalability and decentralization through sharding.
- BitMine Immersion Technologies has significantly increased its Ethereum holdings, viewing it as a strategic investment in the network's future scaling capabilities.
Top Stories
