The chief executive of one of the planet’s largest sovereign funds has said of which he doesn’t believe bitcoin can be a “fraud.”
Khaldoon Al Mubarak, who heads Abu Dhabi’s Mubadala Investment Company, said he was “still on the fence” with regard to bitcoin as well as blockchain technology, yet of which people should look at both with an open mind.
JPMorgan CEO Jamie Dimon has previously called the cryptocurrency a “fraud” of which will eventually “blow up.”
Asked whether he agreed with Dimon’s view, Al Mubarak said: “No. I wouldn’t agree in calling the item a fraud. I could say time will tell. the item could well be (a fraud) as well as the item could as well not be. I think one has to be open-minded.”
Although the state-backed wealth fund’s boss did not yet have a “clear view” on blockchain — the technology of which underpins cryptocurrencies like bitcoin — he said of which his biggest concern was around regulation.
“I think blockchain, its growth, through the single digits, early double-digits, to astronomical growth, will truly depend on how fast you can execute as well as where you’re going to be able to execute under a regulatory environment of which can be acceptable,” he said.
“If they’re able to crack of which, I think the item’s going to be an incredible story. yet, to date, I could say I’m still on the fence.”