Chairman of the International Blockchain Consulting (IBC) Group Khurram Shroff says cryptocurrencies will replace physical bullion in the future.
According to a report by Gulf News, the Dubai-based Chairman, who holds an estimated one million BTC, says the pandemic has exposed long-standing inadequacies in bullion markets, particularly transparency.
Decentralized cryptocurrencies are sparking renewed interest on Wall Street, which seemed improbable just a year ago. Since Bitcoin supply is capped at 21 million, it helped maintain buoyancy in the crypto market, when bullion markets cracked under pressure.
Shroff called transparency the cornerstone of blockchain and applauded the United Arab Emirates’s (UAE) commitment to transitioning 50% of its transactions to blockchain by next year.
Shroff also highlighted the bullish development of Ethereum 2.0 and the launch of staking, which he said would be an eco-friendly alternative to the current Proof-of-Work model.
He called the transition to staking an example of the crypto market “showing how capable it is to adapt” to the needs of an evolving contemporary world.
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