Bitcoin the best shot at holding sound money, says Indian crypto-exchange CEO as he announces UAE launch
Bitcoin would be your best shot, if you want to hold sound money, noted the CEO of Indias Bitbns exchange, Gaurav Dahake. In an interview with CoinCrunch India, Dahake spoke about the importance Bitcoin holds in the world. Despite having 6,000 fiat currencies, most of them have not been successes. And while people believe that this cannot happen in a globally connected economy, that is not true, Dahake said.
Bitbns CEO cited the example of Venezuela, which was once the third richest country in the 1950s and still holds one of the worlds largest oil reserves. He said,
If you see the situation in Venezuela the people would not take paper currency in any form. They will take eggs from you, bread from you, and of course, they will take Bitcoin from you, but they will never take paper currency from you because, by the time they take it from one hand and move it to the other hand, it has already lost a few percentage of its value.
Dahake called Bitcoin the digital equivalent of gold, having properties like fungibility. This proves the notion that if you have to hold sound money, Bitcoin is your best shot at doing that, he added. Dahakes exchange, Bitbns, has been working towards a crypto-solution to enable Bitcoin spending, as the use of crypto-cards usually costs users almost 5% or more. Dahake said that the exchange was trying to enable mainstream spending of cryptos around the world, and more details shall follow soon.
Apart from the exchanges ongoing projects, Bitbns is also planning to launch Bitbns in the United Arab Emirates, and is expecting a release before August 15.