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In an interview with CNBC, Khaldoon Al Mubarak, the chief executive of one of the world’s largest sovereign funds Mubadala has said that he doesn’t believe bitcoin is a “fraud.”.

JPMorgan CEO Jamie Dimon has previously called the cryptocurrency a “fraud” that will eventually “blow up.”

In the interview, Mr. Mubarak commented on whether he agreed with Dimon’s view, he said: “No. I wouldn’t agree in calling it a fraud. I would say time will tell. It could well be (a fraud) and it 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 that underpins cryptocurrencies like bitcoin — he said that his biggest concern was around regulation.

“I think blockchain, its growth, from the single digits, early double-digits, to astronomical growth, will really depend on how fast you can execute and where you’re going to be able to execute under a regulatory environment that is acceptable,” he said.

“If they’re able to crack that, I think it’s going to be an incredible story. But, to date, I would say I’m still on the fence.”

Blockchain — also known as distributed ledger technology — records transactions on a decentralized network of computers around the world.

China’s regulators issued a directive to shut down domestic bitcoin exchanges in September, a move that temporarily sent the price of the volatile digital asset down.

Source: CNBC and Others