Bitcoin and other leading cryptocurrencies crashed last week, with prices falling by nearly 50%. A mind-boggling $1.3 trillion of market value was wiped out. Despite such a massive crash, investors and traders on Wall Street and elsewhere continue to be bullish about cryptos such as Ethereum. And in all the mayhem, the role of tech billionaire Elon Musk remains a puzzle.
And yet, diehard crypto-investors still believe that in the not-so-distant future, many banking functions will be displaced by decentralised, blockchain protocols, smart contracts, and so on, making cryptos an attractive investment option in the present.
To help us decode what’s going on, and where the cryptocurrency scene is headed, we speak to Vivek Kaul.
Kaul is the author of five books, including the bestselling Easy Money trilogy. His most recent book is called Bad Money: Inside the NPA Mess and How it Threatens the Indian Banking System.