2020 has been a year to forget on various fronts! Since the outbreak of the novel coronavirus pandemic across the globe, various business scenes have been disrupted. Small, medium, or large business sectors have taken a hit. But fortunately, 2020 has been a favorable year for the growth of cryptocurrency in India. Bitcoinworld.co.in caught up with Unocoin CEO Sathvik Vishwanath to discuss various aspects of cryptocurrency.
What do you think is the future of cryptocurrency in India?
2020 has been a favorable year for the crypto industry not only in India where the Supreme court reversed the RBI ban on trade in cryptocurrency, but also globally with a rising interest both at retail and institutional levels. While most sectors have taken a hit due to the pandemic and the resultant global economic recession, the crypto industry has seen an unprecedented surge. The financial sector has shown eagerness to participate in the wave and this year has seen banks getting involved in the crypto industry as well. These trends are likely to continue into the new year, and 2021 could well be another exciting year like 2017, which saw unparalleled innovation and an explosion in employment and investment opportunities.
How can we educate Indians more about cryptocurrency?
There is no silver bullet for this issue. As a part of Unocoin, we run a free education portal for bitcoin, blockchain, and cryptocurrencies called unoversity.com. The myths around cryptocurrencies are strong enough to scare away an average Indian and there needs to be more structured education as part of academics. Media also has been playing its role to make information about bitcoin and cryptocurrencies to the common man. It is a matter of time before these become household names.
Bitcoin is playing around the $18k mark. Do you think it will cross the $20k mark in near future?
Over a period of time, for bitcoin to be successful, $20k is not even a challenge. The more challenging times were when bitcoin had to cross 1 USD and 100 USD in the past.
What is your vision of Unocoin and how will it be achieved?
Our long term vision is Making Money Simple. It is our belief that people do not realise how complicated the system behind money is and we believe in simplifying it by increasing the adoption of cryptocurrencies in the years to come.
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