What’s behind Wall Street’s interest in Bitcoin and other cryptos?
Khurram Shroff, head of IBC or International Blockchain Consulting Group, believed cryptocurrencies could replace bullion in the future. Speaking about Wall Street’s “renewed interest” in crypto markets, the Dubai-based executive also believed Bitcoin’s scarcity helped “maintain vitality” in such markets. Shroff said in a report:
DECENTRALIZED CRYPTOCURRENCIES ARE SPARKING RENEWED INTEREST ON WALL STREET, WHICH SEEMED IMPOSSIBLE JUST A YEAR AGO.
The entrepreneur has an estimated one million BTC, the largest amount of Bitcoin in the region. Also said:
WITH BITCOIN SUPPLY CAPPED AT 21 MILLION, IT HAS HELPED MAINTAIN VIABILITY IN THE CRYPTO MARKET AS BULLION MARKETS CRACK UNDER PRESSURE.
On November 21, Shroff’S IBC Group invested $ 10 million in ETH 2.0 shares to support the launch of Ethereum’s upgrade. Regarding the investment, Shroff believed that Blockchain technology would change all transactions.
He claimed that Ethereum 2’s distributed consensus model would lead to innovation, and explained that since the Proof-of-Stake model for Ethereum 2.0 does not require large server farms, it would be more environmentally friendly, and added:
THIS IS HOW THE CRYPTO MARKET SHOWS HOW CAPABLE IT IS OF ADAPTING TO THE EVER-EVOLVING NEEDS OF THE CONTEMPORARY WORLD.
In addition, Shroff called transparency a “cornerstone of the blockchain” and said the technology would have a positive impact on the economy of the United Arab Emirates (UAE) :
WIDESPREAD APPLICATION [OF BLOCKCHAIN TECHNOLOGY] AT THE NATIONAL LEVEL IS CONDUCIVE TO HUMAN-CENTERED GOVERNANCE AND FINANCIAL DEMOCRATIZATION, WHICH WILL PLAY A CRUCIAL ROLE IN ACCELERATING THE UAE’S TRANSITION TO A KNOWLEDGE-BASED ECONOMY.
UAE has launched two approaches, Emirates Blockchain Strategy 2021 and Dubai Blockchain Strategy, to help with the adoption of Blockchain technology, in particular the execution of transactions. Emirates Blockchain Strategy 2021 is said to be able to turn “50 per cent of government transactions into a blockchain platform” by next year. The Dubai Blockchain Strategy, on the other hand, needs to “fully” “strengthen” the city of Dubai with blockchain.