Cryptocurrency like bitcoin is presently at the top of discussions by analysts and investors, worldwide. The growth of bitcoin has been so significant that both equity investors and asset investors are now diversifying their portfolios into bitcoin, cryptocurrency.
Recently, Michael Terpin, the co-founder of BitAngels has talked with Murtuza Merchant, a former journalist who works at The Transform Group, CNBC reported. In the interview, Terpin said, "The industry will undergo several changes. Bitcoin was about $5 in 2011 and is now at $55,000. It will be at half a million in the next 10 years. In 20 years, a vast majority of the world population will be using cryptocurrencies."
Governments of many countries, including the Indian government has been much worried about the cryptocurrency boom and mooted how to ban it. But later they realized that, at the present market, it will be an impossible job to ban cryptocurrency. Bitcoin is one of the most popular investment instruments by high-end investors, which is gradually being expanded among common investors.
Regulating bitcoin will be an important job for the authorities, along with maintaining the safety and security measures of the investors. However, commenting on that, Terpin said, "Cryptocurrencies like Bitcoin and Ether are the safest way of entering the market. You may hold or sell them whenever you want. Cryptocurrencies are still where the internet was in 1997."
"Governments don't like to be ignored. Eventually, they will do what is in their interest like taxing or adoption. Over-regulating does not help an upcoming industry too. For instance, the automobile sector grew slowly in its initial years, largely due to regulations like the requirement of a man who needs to wave a red flag to alert people of an oncoming car," he added.
Being confident about the crypto-boom, Terpin stated that crypto adoption in emerging markets, such as El Salvador and Argentina, with higher inflation rates, has been a challenge. But he said, "I believe cryptocurrencies will see the end of the US, G20, and European Union influence on emerging markets."
Terpin is also optimistic about the crypto-boom in India, as he added, "I am sure that at least one person in a village has an internet-enabled smart phone. He or she can educate the village about cryptocurrencies like an evangelist. I believe the large Indian diaspora can play a major role in popularising cryptocurrencies by making them the mode of remittances."