Here’s what Big Bull Rakesh Jhunjhunwala has to say about bitcoin

Despite investors chasing bitcoin amid the ongoing rally in cryptocurrencies, ace equity investor Rakesh Jhunjhunwala, however, is not too enthused by this new age investment option.

In an interview with CNBC, Jhunjhunwala said the digital currency should be banned. “I will never buy bitcoin in my life. I don’t want to join every party in town. Only the sovereign has the right to create currency in the world. The dollar move of 1-2% is news but here the fluctuation is 10-15% in a day. Speculation is the highest.”

Of late, the seemingly unstoppable rise of Bitcoin took the digital currency to $58,000 for the first time. The same Bitcoin just one year ago would have cost $10,000. The price is up almost 200% in the last three months.

Bitcoin is rallying as more companies signal the volatile digital currency could eventually gain widespread acceptance as a means of payment. The vast majority of those who have acquired bitcoin have treated it as a commodity, like gold, with few places accepting it in exchange for goods or services.

Industry expert Vikram Rangala and CMO at ZebPay said, “This latest high for bitcoin is not the big news. The big news is why. It’s not just speculation. It’s smart value investing by institutions, individuals, and even governments in breakthrough technology. Bitcoin is an inflation-proof, corruption-resistant store of value backed by more reliable and transparent accounting.”

“That is real value. In the near future, we’ll see 60, 70, and $1,00,000. In between we’ll also see volatile dips and the usual reports about the bubble bursting. Bitcoin isn’t a bubble. It’s a part of our economy now,” Rangala said.