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Bitcoin @ $22,000: Should you dump gold for the crypto? Your query answered

Listen to the podcast to know about the massive rally in Bitcoin's price and does it stand a chance to replace gold as an investment bet?

Bitcoin | cryptocurrency | cryptocurrency in India

Sukanya Roy & Nikita Vashisht  |  New Delhi 

One of the world's biggest digital currencies Bitcoin, surpassed $22,000 for the first time today, achieving yet another milestone in what's been a jaw-dropping rally for the controversial digital asset this year.To put things in perspective, the digital currency has almost tripled this year, rising nearly 200% on a year-to-date basis, and has been clocking its one-way rally after a severe crash in March that saw it lose 25% amid the coronavirus pandemic. As investors continue to lap up the new asset, the trading community is beginning to call as the digital gold.

Nonetheless, Bitcoin's rally has piqued investors' and financial services providers' interest. Many Wall Street firms are seeking to capitalize on its gains in a world of rock-bottom interest rates. And Indian banks are taking note too. They are now looking at options like providing finance to crypto exchanges, loans against and so on, to cash in on this opportunity.But is the Indian regulatory system conducive enough for investors and bankers to trust

In this podcast, Kshitij Purohit, lead currency & commodities at CapitalVia Global Research explains what has suddenly drawn investor confidence in the currency after the 2017 and March 2020 crash and should investors in India dump gold and look at Bitcoin as an investment bet?

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First Published: Thu, December 17 2020. 18:50 IST