The status of bitcoin as a global digital currency or digital gold is undecided as of yet. While some experts consider it to be a store of value, others believe it is a source of making payments. The bitcoin world is still pretty nascent. Just like every other technological innovation, it seems that it is still going through its evolutionary phase. With the future seemingly fluid, a lot of opinions are floating around in the financial world regarding this asset.
BlockPublisher recently got in touch with the Founder and Chief Operating Officer of MarketOrders, Sukhi Jutla, as she shared her views regarding bitcoin being the digital gold and the need of regulations. MarketOrders is essentially an online marketplace that connects individual gold jewellery retailers to their manufacturers. Here are the views shared by Sukhi,
- Should the crypto market be regulated by the government?
Sukhi: “Regulation will help more mainstream adoption as it can provide direction and accountability in how cryptocurrencies are traded and how investors can be adequately protected during crowdfunding and ICOs. However regulation cannot be so heavy that it stamps out innovation and freedom in this infant industry.”
- Will bitcoin become the digital gold?
Sukhi: “Bitcoin is still going strong after a decade and has proven itself to be a real and worthwhile use case. I believe it does have the potential to become digital gold.”
- Can bitcoin become a global digital currency in the future?
Sukhi: “Bitcoin will compete with other cryptos in the market that are still emerging and I believe the markets will be dominated by a handful of a few strong cryptos, one of which will be Bitcoin.”
As implied by Sukhi, regulations will help the bitcoin world get more adoption in the financial arena, but there is one thing to be careful about. The entire idea behind decentralization is the elimination of the third-parties involved in a network and more freedom. If the governments get highly involved and more controlling of this space, the essence of decentralization might get undermined. It is a road that should be trodden carefully. Still, regulations seem to be necessary so that the negative elements linked to this space could be eradicated and a more general layer of trust can be established.
Sukhi also seemed to be supportive of bitcoin. As suggested by her, bitcoin will be among the few cryptocurrencies that will make their strongholds in the market moving into the future. The prospect offered by bitcoin in terms of forming a global financial framework sure seems to be beneficial and revolutionary, if the negative and illegal activities associated with it are taken out of the picture. It also seems natural that the small cryptocurrencies providing redundant services will be likely wiped out as we move forward. With the prospects that bitcoin provides, it will be interesting to see how it manages to incorporate itself into the financial framework of the world, in case if it is able to do so.