By Hidayat Sultanli
On Dec 28, 2020
Lately, cryptocurrencies, especially Bitcoin, are in the focus of attention. Khurram Shroff addressed the reasons behind Wall Street‘s growing interest in Bitcoin (BTC). The chairman of the International Blockchain Consulting Group (IBC) said that cryptocurrencies will replace bullion one day in the future.
Bitcoin (BTC) price has surged up in the last days of 2020! Yesterday, it set another record, setting an all-time high. Bitcoin continued its rally, which started with the breaking of the $ 20,000 psychological level, with incredible speed. As of yesterday, it set a new ATH, surpassing the $ 24,720 level. After the $ 27,000 mark, it was able to exceed $ 28,000. The leading crypto reached a level of $ 28,288, standing record highs in terms of market capitalization. A new all-time high was formed around $ 28,360 before the price started a downside correction.
In a report, Khurram Shroff, President of the Dubai-based IBC group and one of the region’s largest Bitcoin (BTC) ‘HODLer,’ addressed the issue of Wall Street’s “renewed interest” in the crypto markets.
Decentralized cryptocurrencies are sparking renewed interest on Wall Street, which seemed improbable just a year ago.
Cryptocurrencies such as Bitcoin and Ethereum are increasingly in demand among institutional investors. This is because, due to their inherent deflationary nature, they were less affected during the pandemic and economic difficulties. In recent weeks, several famous market players have even sold gold mutual funds in exchange for their crypto shares. Shroff said the Covid-19 pandemic revealed longstanding shortcomings in bullion markets, including a lack of transparency.
Since Bitcoin supply is capped at 21 million, it helped maintain buoyancy in the crypto market when bullion markets cracked under pressure.
Alongside Bitcoin, Ethereum – the second-largest cryptocurrency by market cap, and XRP has recently gained significant value. On November 21, Shroff’s IBC group invested $ 10 million in ETH 2.0 contract to support the Ethereum update. Regarding the investment, Shroff has made it clear that he believes the blockchain will change all technologies.
He claimed that the Ethereum 2.0′ consensus model change would lead to innovation. The Proof-of-Stake model does not require large server farms, making it more environmentally friendly and sustainable. This is a way of showing how capable the crypto market is in some way.
This is the crypto market’s way of showing how capable it is to adapt to the ever-evolving needs of the contemporary world.
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