Khurram Shroff, President of the IBC or International Blockchain Consulting Group, believes cryptocurrencies could replace Gold in the future.
Bitcoin and Wall Street relevance
Speaking of Wall Street’s “renewed interest” in cryptocurrency markets, the Dubai-based executive also believes that the scarcity of Bitcoin helps “maintain vitality” in such markets.
Shroff said in a report:
“Decentralized cryptocurrencies are reawakening interest in Wall Street that seemed impossible just a year ago.”
The entrepreneur also said:
It helped maintain vitality in the crypto market when the Gold markets broke under pressure, as the Bitcoin supply was capped at 21 million.
On November 21, Shroff’s IBC group invested $ 10 million in ETH 2.0 stake to support the launch of the Ethereum upgrade. Regarding investment, Shroff believes blockchain technology will change all transactions.
He claimed that the distributed consensus model of Ethereum 2 would lead to innovation and explained that it would be more environmentally friendly as the Proof-of-Stake model for Ethereum 2.0 does not require large mining farms.
Additionally, Shroff described transparency as the “cornerstone of the blockchain” and said this technology will have a positive impact on the economy of the United Arab Emirates (UAE):
The widespread application of [blockchain technology] at the national level is extremely favorable for human-centered management and financial democratization, which will play a crucial role in accelerating the UAE’s transition to a knowledge-based economy.