The record-breaking rise of bitcoin is continuing unabated, with a new high value of $6,300 marked as October drew to a close.

The cryptocurrency is surging in popularity, but its attraction is not translating to all corners of the world.

Despite neighbours in the United Arab Emirates taking bitcoin to their business hearts – with Dubai’s first ever real estate project to be priced in the digital money launched in September – Saudi Arabian Prince Alwaleed bin Tahal has publicly denounced it.

The billionaire investor has dubbed it the “next Enron”, and predicted it will implode, adding in a recent interview: “It just doesn’t make sense. This thing is not regulated, it’s not under control.”

Meanwhile, doubts about bitcoin’s ability to hold its value as the market reaches a value of $100 billion have also surfaced in South East Asia.

The State Bank of Vietnam has banned the use of the virtual currency as payment, describing it as “not lawful”.

The move follows China’s shuttering of bitcoin exchanges in September, which caused a temporary drop in its value.

 

 

Subscribe to our newsletter for more stories like this

Subscribe

About The Author

Experienced media professional with over a decade working in Irish journalism. I am a former newspaper editor now helming executive editorial duties with CXM.World, the premier online source for customer experience news, features, and opinion in the MENA region. Along with my previous appointment as editor of the County Antrim Post, I have worked for and contributed to numerous publications and broadcasters within the last ten years, including the Irish News, Irish Times, Daily Mirror, BBC, and more.