Uday Kotak, an eminent banker stated that Gold is the only alternative cryptocurrency that has worked without any state support. It has not seen any regulatory support in immediate future for cryptocurrencies that have cropped up. Bitcoin which is the most famous among all has seen a huge attraction even when its prices were extremely low.
Mr Kotak quoted that ‘ I am a believer that the only cryptocurrency that has worked in the world is gold’. He said in an interview that Gold has never witnessed any support from any state. It will be very difficult for the authorities to allow any new cryptocurrency in the market unless we reach a platform where we have an alternative currency that could inculcate the same trust of the people as Gold.
Kotak was in Davos in the last week to attend the World Economic Forum (WEF) Annual Meeting. He was there to discuss the major points regarding cryptocurrencies and its financial markets. The Business Leaders present at the Forum perceived that the varieties of crypto-assets now available have enhanced the fears of an overheated market. Meanwhile, some also felt that with smart directives and further innovations, crypto-assets can have a good path over the time in financial markets.