1 min read.Updated: 27 Jan 2021, 09:16 AM IST Edited By Avneet Kaur
Crypto experts are optimistic that the government now recognizes the huge potential of blockchain technology.
The largest cryptocurrency in the world, Bitcoin was the highest return generating asset in 2020. The crypto currency grew by 313% last year. Bitcoin reached an all-time high of almost $42,000 in early January before sliding back by about $10,000. Experts believe the recent drop is more than expected and should be simply seen as a price correction. This is a healthy pull back which will offer long term price sustainability for bitcoin.
Crypto experts are optimistic that the government now recognizes the huge potential of blockchain technology. They believe the Indian Government should bring healthy regulations this year.
"Crypto assets, properly regulated, can bring tremendous economic benefit. The government’s twin goals of promoting prosperity and protecting people from fraud and harm are our goals, too. That’s why we have world-class security, KYC, and AML policies. We hope 2021 will bring healthy regulations for crypto investors, so they can know how to pay taxes correctly and access all the potential of this revolutionary new asset class, says Rahul Pagidipati, CEO, ZebPay.
Pagidipati has predicted that Bitcoin will reach 1 crore by 2030, and according to him, that’s a conservative estimate. "Bitcoin is designed to be inflation-proof. It has a fixed supply and no central bank or other entity can print more bitcoins, like they can dollars or rupees. Though it’s volatile right now because it’s new, Bitcoin will prove to be more inflation-resistant than even gold," he says.