Jamil Nazarali, the CEO of the EDX market, suggested on Tuesday that Bitcoin might turn into a major reserve asset.
The digital asset is very likely to accomplish this accomplishment, he continued, because of the widespread belief in Bitcoin and its limited quantity.
According to Jamil Nazarali :
“I think that they are here to stay. I think that there are strong use cases for them and I think that there will be greater and greater adoption over time”
He continued by saying that Bitcoin has higher functionality than other physical commodities when compared to Gold due to its capacity to facilitate transactions seamlessly.
Nazarali claims that the decentralized environment lacks oversight when talking about decentralized finance (DeFi). He also emphasizes that one of its flaws is the rise in instances of money laundering.
Nazarali thinks the future of DeFi protocols is bleak. Without a centralized authority, many DeFi platforms, in his opinion, might have vanished.
However, the EDX CEO praised the EDX market for its success in bridging the divide between conventional finance and the realm of digital assets. According to him, the EDX market was established to function like traditional finance but for cryptocurrency assets.
When discussing the compliance issues that the digital currency sector in the U.S. faces, Nazarali also stressed the importance of clear laws and regulations for businesses to thrive within, contending that a lack of clarity is a major barrier for many enterprises.
More From The Kangaroo Times