Ever since Prince Alwaleed bin Talalsaid of Saudi Arabia said that Bitcoin was the new Enron, I kept meaning to do a story comparing the two. From my perspective, they couldn’t be more different, but lets try to be as objective as possible when looking at the facts.
Enron was born from the merger of Houston Natural Gas and InterNorth, a Nebraska pipeline company, in 1985. During the merger, Enron took on significant debt and needed a new business. CEO Ken Lay found a new idea for a Gas Bank, which they created in 1990 with the help of Jeff Skilling. This new business focused on creating Energy Markets and was successful in bringing Enron back to profitability. Until 1998, the business and stock performed within normal levels, and then began to see huge increases in stock value.