Digital currencies gain pace due to record surge in crypto

Digital currencies gain pace due to record surge in crypto

Blockchain technology is enabling the development of alternatives to a centralised and rigid legacy model. wam Inayat-ur-Rahman, Gulf TodayBitcoin recently exceeded the $23, 000 mark - an all-time high - which has set the global investment community buzzing. Ethereum, the world's second largest cryptocurrency by market capitalization, also went past $660, indicating a shift in market sentiment towards digital currencies as a whole. The inflationary pressures that fiat currencies are dealing with, as a result of the massive stimulus packages that governments around the world announced during the pandemic, have brought the strengths of crypto to the fore. With Blockchain ensuring reliable records, Bitcoin - whose units are capped at 21 million - represents an inherently deflationary asset class, allowing investors to hedge against the debasement of traditional currencies. Blockchain technology is enabling the development of alternatives to centralized and rigid legacy models, across a wide cross section of applications. Although the technology has probably fired the public imagination most because of cryptocurrency, progressive governments around the world are investing in creating Blockchain based systems, to empower digital governance. The UAE, for instance, launched its Emirates Blockchain Strategy 2021 in April 2018. The project will assign each customer a unique