Skip to content
Buzz Blockchain
Menu
  • Home
  • Bitcoin
  • Ethereum
  • News
  • Currency
  • Blockchain
  • Interview
  • Press Release
Menu

What is behind Wall Street’s renewed interest in Bitcoin and other cryptos?

Posted on December 26, 2020

Khurram Shroff, Chairman of IBC, or International Blockchain Consulting Group, believed that cryptocurrencies could replace bullion in the future. Speaking about Wall Street’s “renewed interest” in crypto markets, the Dubai-based executive also believed that Bitcoin’s scarcity “helped maintain buoyancy” in such markets. Shroff said in a report:

Decentralized cryptocurrencies are sparking renewed interest on Wall Street, which seemed improbable just a year ago.

The entrepreneur holds an estimated one million BTC, the largest amount of Bitcoin in the region. He further said:

Since Bitcoin supply is capped at 21 million, it helped maintain buoyancy in the crypto market, when bullion markets cracked under pressure.

On 21 November, Shroff’s IBC group invested $10 million in ETH 2.0 staking, in order to support the launch of Ethereum’s upgrade. With regard to the investment, Shroff believed that blockchain technology would transform all transactions.

He claimed that Ethereum 2’s distributed consensus model would make way for innovation and explained that since the Proof-of-Stake model for Ethereum 2.0 does not require large server farms, this would be more eco-friendly. He added:

This is the crypto market’s way of showing how capable it is to adapt to the ever-evolving needs of the contemporary world.

Additionally, Shroff called transparency “the cornerstone of blockchain” and said that such technology would have a positive impact on United Arab Emirates’ (UAE) economy:

Widespread application [of blockchain technology] at the national level, is conducive to people-centric governance and financial democratization, which will play a pivotal role in accelerating UAE’s transition into a knowledge-based economy.

To date, UAE has launched two approaches dubbed Emirates Blockchain Strategy 2021 and Dubai Blockchain Strategy to aid the adoption of blockchain technology, especially to conduct transactions. The Emirates Blockchain Strategy 2021 is said to transform “50 percent of government transactions into the blockchain platform” by next year. Dubai Blockchain Strategy, on the other hand, is supposed to “power” the city of Dubai “fully” by blockchain.

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Recent Posts

  • ElmonX Unveils Van Gogh’s Masterpieces “Meules de blé” and “Cabanes de bois parmi les oliviers et cyprès” in Groundbreaking NFT Release
  • The Next Evolution of Blockchain Hybrid Infrastructure THXNET. Launches its Main-net To Support Its Web3-as-a-Service Offerings
  • Climate Spartans Reap Rewards: Save Earth Mission Unveils 9x Returns in Landmark Decision
  • Yes Coin’s Ecosystem & Save Earth Mission Receives Prestigious PSP License in UAE, Pioneering a Green Finance Revolution in Dubai
  • Japan’s Blockchain Infrastructure Firm THXLAB, Partners with AsiaTokenFund Group: Advancing THXNET. – Web3-aaS Expansion in Asia
  • CCC Protocol: A Glimpse into the Present and Future of Decentralized Protocols
  • Spank & Meech Drop the Mic: $DORKL’s Explosive Musical Revelation Will Shake the Crypto World!
  • LOH Token: Rising Star in the World of Gaming
  • Dork Lord ($DORKL) Poised for Meteoric Rise as Celebrities and Crypto Enthusiasts Rally Behind the Token!
  • FINNEX 2.0 Reveals Game-Changing News: Arena Trade’s MT4 License, BVB NFT Lootbox, Racing Metaverse Club, and More!
  • FameEX Enhances Its Global Affiliate Agent Program to Build the World’s Premier Crypto Ecosystem
  • HPTHS777Inu: Where Memes Meet the Future of Crypto
  • Asset Management Platform, Kunji Finance Kicks Off its Initial Dex Offering (IDO) Sale on Poolz and GameFi
  • Bridgeman Images and ElmonX Forge Exclusive Partnership to Pioneer High-Quality NFT Art
  • Space Alpaca RPG GameFi is launching, heralding the next generation of Web3.0 traffic platforms
  • ElmonX Unveils ‘Moona Lisa’: A Digital Collection by World-Famous Street Artist Nick Walker
  • TriWorld: Set to Launch on September 2nd. Engage in Financial Innovation for a Shared Prosperity of Tomorrow
  • Kunji Finance Unveils New Strategic Collaboration with AsiaTokenFund Group
  • THE WEB3CON: Token2049 Week Side Event – The Ultimate Networking Night for Investors, VCs, and Ecosystem Partners
  • OKX Wallet is Now Integrated with Kunji Finance (Beta)
  • Bitcoin market poised as heightened seller exhaustion indicates low-risk bottom
  • VeVe Debuts Digital Collection from Award-Winning Artist Nathan Sawaya in collaboration with ElmonX
  • Racer Club Labs Fuels GameFi Explosion with a Colossal $25,000 (500,000 $RCLUB) Giveaway Highlighting NFT Utility!
  • ElmonX Introduces The Charles Salvador ‘Bronson’ NFT Collection — Unleashing Creativity, Healing, and Transformation
  • Jellyfish Mobile: Pioneering Secure and User-Centric 5G Web3 Mobile Services
  • Exclusive “Salvator Mundi” by Leonardo da Vinci To Release In 3D and Augmented Reality on ElmonX
  • Global Gamers Alert: The ToastPunk Stacks Worldwide Challenge Is On! Stand a Chance to Win a Massive Prize Pool!
  • Bitfinder: The First Ever Crypto Search Engine Built Powered By Bitfinder Algorithm
  • Planbit, Review of Best Crypto Staking
  • FameEX Advocates for Secure Cryptocurrency Standards & Unveils Upgrade to Customer Service Response System
  • Genesis Spirits, the Latest Entrant in the NFT Space, Captivates Millions!
  • Introducing Vultor: The Future of Cryptocurrency has 
Arrived
  • Salaryman IO. Discover an ICO Gem with a $0.01 Price Tag and only 95 Million Total Supply
  • FameEX Redefines Next-Level Crypto Security and Releases Exclusive Newcomer Sign-Up Event
  • Racer Club Labs Unveils Epic Airdrop: Limited Edition OG Fan Passes
©2023 Buzz Blockchain | Design: Newspaperly WordPress Theme