Love Cryptocurrency? This market expert says move over from Bitcoins and develop our own ‘Indicoin’
Bitcoins could be a thing of past if India develops its own cryptocurrency – ‘Indicoin’ which could even surpass the current market capitalization of Bitcoin, Nilesh Shah, Managing Director of Kotak Mahindra Asset Management Company said on the sidelines of Kotak Securities Midcap Conference on Monday.
“There is a tremendous amount of interest in the Bitcoin and I have to regret saying that, I am eminently disqualified on commenting on Bitcoins. But, I have one more suggestion, instead of entering into Bitcoin at USD 200 billion marketcap, why not we create ‘Indicoin’, said Shah.
“We have computational skills to develop Bitcoin equivalent programme for Indicoin. We have more than 40 crore internet users, and we can create circular trading among us and excite all non-Indians to participate in Indicoin,” he said.
Shah further added that we can make one dollar to USD 20,000 and create a USD 500 billion market cap and hock it off to all non-Indians. So that they can have their Indicoins and we can have their dollars.