Bitcoin @ $22,000: Should you dump gold for the crypto? Your query answered

One of the world’s biggest digital currencies Bitcoin, surpassed $22,000 for the first time today, achieving yet another milestone in what’s been a jaw-dropping rally for the controversial digital asset this year.To put things in perspective, the digital currency has almost tripled this year, rising nearly 200% on a year-to-date basis, and has been clocking its one-way rally after a severe crash in March that saw it lose 25% amid the coronavirus pandemic. As investors continue to lap up the new asset, the trading community is beginning to call Bitcoin as the digital gold.

Nonetheless, Bitcoin’s rally has piqued investors’ and financial services providers’ interest. Many Wall Street firms are seeking to capitalize on its gains in a world of rock-bottom interest rates. And Indian banks are taking note too. They are now looking at options like providing finance to crypto exchanges, loans against bitcoin and so on, to cash in on this opportunity.But is the Indian regulatory system conducive enough for investors and bankers to trust Bitcoin?

In this podcast, Kshitij Purohit, lead currency & commodities at CapitalVia Global Research explains what has suddenly drawn investor confidence in the currency after the 2017 and March 2020 crash and should investors in India dump gold and look at Bitcoin as an investment bet?

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital…



Read more:Bitcoin @ $22,000: Should you dump gold for the crypto? Your query answered