In response to reports that Ratan Tata has been investing in cryptocurrencies, Ratan Tata, emeritus chairman of Tata Group, today said he has no interest in the industry.
- Ratan Tata has uncovered a new scam.
- According to the chairman of Tata Group, cryptocurrencies are not associated with him.
- A report about Tata’s investments in cryptocurrencies prompted the statement.
Ratan Tata asked netizens to be aware of cryptocurrency as he had no association with the digital currency. In his estimation, any articles or advertisements mentioning his association with cryptocurrency are completely untrue and intended to scam citizens.
A statement was posted on Twitter by the Tata Group Chairman on investment claims. His tweet stated, “I request netizens to keep an eye on cryptocurrency. I have no affiliation with any cryptocurrency.” He added that any articles or advertisements asserting his association with cryptocurrency would be “absolutely false and intended to be misleading”.
There have been several times when a tycoon has been implicated in a scam, but this is the first time. It had happened before that Mahindra Group chairman Anand Mahindra was accused of leaving banks “terrified” and experts in awe after investing in cryptocurrencies.
Technological advancements are increasing internet scams, especially those involving cryptocurrencies. There has also been an increase in WhatsApp scams in recent years. Unknown numbers call WhatsApp users with an offer of employment in these scams.
Numerous cases of Indians losing their hard-earned money to these scams in the past few months. Users have been warned to avoid falling for such calls by Meta and the Indian government in the wake of this incident. Users can now muffle calls from unknown numbers through WhatsApp’s recent update to prevent scams of this nature. Hence, be aware of any job offers you receive on WhatsApp from a number you do not know. All your hard-earned money could be lost in these scams.
A similar incident occurred earlier this year with Mahindra Group chairman Anand Mahindra. Several reports stated that he had put “banks in a state of horror” and “experts in a state of awe” with his latest investments in cryptocurrencies.
Investors can become millionaires within three or four months by taking advantage of a ‘wealth loophole’ discovered by the tycoon. In response, Mahindra clarified that he had not made any crypto investments.
Investors have often had extreme reactions to cryptocurrency as an asset class. Digital currencies have consistently been dismissed by legends of the investment world, Warren Buffett and Charlie Munger.
According to Munger, cryptocurrency is a waste of money, while Buffett called it a gambling token. It doesn’t seem to me that any rational argument can be made against Munger’s position, so I think people who oppose it are idiots, he said earlier this year.
BlackRock, the world’s largest asset manager, raised hopes that an ETF would be launched after bitcoin rose 20% to $30,182 in the past 11 days.
BlackRock filed on June 15 despite prior rejections from the Securities and Exchange Commission (SEC). The news came after Bitcoin suffered two consecutive losses.