Bitcoin has been soaring to new heights since the start of 2021, but market analysts have opposing opinions on the prospects of the cryptocurrency. Despite its volatility and vulnerability to market factors, there is a rather optimistic section that believes bitcoin's Bull Run will not end in a hurry, while there are others who are convinced about its eventual crash.

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And billionaire investor Rakesh Jhunjhunwala has called for a complete ban on cryptocurrencies such as bitcoin in the country. Referred to as 'India's Warren Buffet', the 60-year-old went on to state that he "will never buy bitcoin".

In an interview with CNBC's ‘Street Signs Asia’ on Tuesday (February 23), Jhunjhunwala did not mince words as he said, "I think it's speculation of the highest order. I don't want to join every party in town. I think the hangover is much worse."

Bitcoin has surged over 90 percent this year so far, according to data available on Coin Metrics. Such strong gains are credited to the rousing acceptance among mainstream investors and companies such as Tesla, Mastercard and Bank of New York Mellon. The cryptocurrency's market value breached the $1 trillion-mark (Rs72 lakh crore) on February 20.

India's regulators are yet to take a call on cryptocurrencies, although speculation is rife that the government is planning to ban all such private virtual currencies and launch its own official digital currency. "I think regulators should step in and ban bitcoin and should focus on the digital rupee," said Jhunjhunwala, who is currently a partner at asset management firm Rare Enterprises.

On Tuesday, Bitcoin saw its biggest daily drop in almost a month, plummeting to as low as $45,000. The cryptocurrency was last down 11.3 percent at 09.39 GMT.

Speaking about the outlook for the country, Jhunjhunwala was optimistic that India would make a strong recovery based on the reforms and policy initiatives taken by the government in the recently-presented Union Budget.