Is crypto a future competition to local equity markets? Here's what Uday Kotak says
cryptocurrency market and Bitcoin hitting record highs, Uday Kotak on Wednesday said the future competition for equity markets could be coming from the digital currency.
«Capital formation in India has a lot to do with development and regulation of local markets. Having seen a revolution in local markets from badla systems to futures and options (F&O), the future competition could be in the form of cryptos,» said the veteran banker.
Kotak further noted that developed nations legitimising the virtual currency and its trading further adds fuel to the crypto bandwagon and investors are looking at it as a hedge for other investments.
After months of turbulence, Bitcoin, the world's largest cryptocurrency, has gained momentum in the past few days and raced to an all-time peak above $72,000.
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View Details»The most popular cryptocurrency won further support on greater trading accessibility and dollar weakness.
The record spurt extended last week's run when the currency bulldozed its way past the previous November 2021 pinnacle of $68,991.
Bitcoin won further
