Since I started writing this column on technology a few years ago, two things are very ict reversible. One is Elon Musk, now the richest man in the world, doing unimaginable things: boring tunnels, implanting chips in pigs’ brains and naming his son exceptionally. The second is the unpredictability of bitcoin and cryptocurrencies — volatile, irregular, yo-yoing, and simultaneously hailed as the next big thing between $ 3,000 and $ 50,000 in this short period of time, or dismissed as the ‘digital tulip’, ula hajini as tulip mania in the mid-1600s. So, it’s interesting when the two come together in a risk cartoon tweeted by Musk, showing a virtuous priest being distracted by an unusually dressed lady, with the word ‘bitcoin’ written on some part of her body structure.
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A few days later, Tesla announced that it had bought $ 1.5 billion worth of bitcoin and would soon accept cryptocurrency as the legal payment for its cars. MasterCard has announced that it will be embedding ‘select cryptocurrencies’ in its global payment network. Coincidentally, BNY Mellon, the oldest bank in the US, announced that it was holding and transferring digital currencies to asset management clients. JPMorgan and Goldman Sachs have announced executive positions to examine cryptocurrencies. The mayonnaise iconic Miami in America also tweeted that his city accepts taxes on bitcoin.
All of these served as rocket fuel for Bitcoin and its younger sibling Ethereum. The previous 12 months saw a 358% increase from $ 1 in 2015 to 00 1700 this week. Unlike the odd bunch of “bros” and “computer geeks” Bitcoin is now filled with alumni of leading investment banks, hedge funds and consultancies, investment director Roger McInnes noted that many crypto companies are professional and controlled. “It has grown.”
The other predictable event in the world of cryptocurrency is the law proposed by the Government of India, the cryptocurrency and official digital currency bill, another overview to ban it by 2021, and the legal framework for “official digital currency”. While the next step is admirable, the previous one seems to be Ludits’ preferred response. In 2018, India tried to ban cryptocurrency before the Supreme Court overturned it. The bill promised to “allow some exceptions to be promoted.” The underlying technology of cryptocurrency (blockchain, we ume histam) and its uses. “This leads to the belief that the government does not understand technology. The way technology is built, the owner-owned, consensus-driven, distributed ledger like blockchain needs cryptocurrency to grease its wheels. Interest in blockchain, not bitcoin, you’re interested in the economy, not money It’s like saying that.
There are many branches at this stage. One is how it kills innovation. Blackchain, along with Artificial Intelligence, augmented / virtual reality and the Internet of Things, seems to be the technology of the future. According to Akshay Agarwal, founder of Blackchain India, there are over 30,000 blockchain inventors and practitioners in India, and they are now looking to move to friendly regimes such as the US, Switzerland, Singapore and Estonia. International tech companies will freeze blockchain and crypto-exchange investments and this step will damage India’s reputation as a technology hub. India is the second largest bitcoin trading country in Asia, and all of those trades go to foreign exchanges. The thing with digital technology is that you can’t really shut it down. It moves elsewhere. To shut down cryptocurrency, you need to shut down the Internet. Sumit Gupta, chief executive officer of CoinDCX, said China has large crypto trading and mining activities and the Indian ban on bitcoin should keep the place open. Also, Bitcoin is called ‘Digital Gold’ —the limit, the fungus and the potential store of value. If, like gold in the previous century, it emerged as a global currency reserve, the ban could be suicidal.
There are a lot of problems with cryptocurrency — it is volatile, absorbs energy and is often abused by criminals. But the answer is not to ban it, control it. Meanwhile, while drafting India’s bill, Twitter co-founder Jack Dorsey tweeted: “JAY-Z / @ S_C_ and I are giving 500 BTC to the new endowment to fund the development of #Bitcoin, initially focusing on teams in Africa & India ….”
Go and find out.
Jaspreet Bindra is the author of ‘The Tech Whisper’ and the founder of Digital Matters