Cryptocurrencies remain a volatile asset class despite investor enthusiasm. More than a decade has not rid digital currencies of their uncertainty, raising concerns for both potential and existing investors. Zerodha Co-Founder Nikhil Kamathi Recently Twitter asked to clear some of their doubts on cryptocurrencies, what does it mean if someone can create it.
Kamath said that among the many currencies on offer, he would place his faith in “the one with the most strength”, which according to him is the government.
“The problem with bitcoin is that there are 1,000 different identical coins. If one can create a currency, what’s the point of a currency. 100 years ago if 20 of my 100 neighbors started their own currency, I would have a currency for myself. Will take the side of the most powerful, that is, the government,” Kamath wrote.
He also mentioned that he was “no experts here, and would like to learn more (sic)”, and invited relevant arguments and information.
Nikhil Kamath and his elder brother Nitin run the financial services platform Zerodha, which offers retail brokerage, currency and commodity trading, mutual funds and bonds.
earlier today, Bitcoin Losses from a record high of $69,000 on Tuesday fell below the $60,000 level on Tuesday and rose more than 12 percent on November 10. world’s largest cryptocurrency It was down 5% to $60,391.3 at 1253 GMT, having previously fallen to $58,563, the lowest since October 28, while ether, the second-largest cryptocurrency by market cap, was down 6.8 percent at $4,253.08.
The cryptocurrency analyst could not identify any specific news driving the decline, which he said was driven by profit-taking following the recent sharp run-up.
Bitcoin has more than doubled in value since June, driven by mainstream adoption of the cryptocurrency and the launch of futures-based bitcoin exchange-traded funds in the United States.
On Sunday, bitcoin received a major upgrade, called Taproot, that enables its blockchain to execute more complex transactions, potentially widening its use cases and for processing smart contracts. Makes it a bit more competitive with Ethereum.
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