Bitcoin has succeeded as an asset but has failed terribly as a currency. It has only gained traction within a very small niche following, lacking any use in real-world transactions. It only handles a very small number of transactions compared to its competitors like Visa, all while consuming large amounts of energy which further makes it unsuitable for mainstream use. This is according to Jay Krishnan, the CEO of India’s largest startup incubator and a venture advisor to SRI Capital, a VC firm with investments in augmented reality, e-commerce and industrial automation. Krishnan tore into Bitcoin in an op-ed for the Economic Times, calling it a failed idea. However, the startup veteran got many of his facts wrong, including the fees charged for a transaction which he greatly exaggerated.
Unless you’ve been living under a rock for the past 4 months, you’ve probably at least heard about all those people who’ve either mortgaged their houses and struck it rich, or lost their life savings, by investing in crypto. Naturally, cryptocurrency’s disruptive properties have caught the attention of the US Securities and Exchange Commission (SEC) – which, unsurprisingly, has some opinions on the matter.