UAE Press: Is Cryptos’ Recognition Long Overdue?
Muhammad Irfan Published April 14, 2021 | 11:00 AM
ABU DHABI, (UrduPoint / Pakistan Point News / WAM - 14th Apr, 2021) A UAE English daily has highlighted the emerging relevance of cryptocurrencies.
In its editorial on Wednesday, Khaleej Times said, "Blow people’s minds’ and ‘force traditional finance to wrestle with the phenomenal growth’. Among other things, these are the descriptions stemming from the much-anticipated listing of Coinbase on the Nasdaq today, and the hype is warranted."
The newspaper noted, "While Bitcoin’s explosion may bring more questions than answers, one thing is clear: cryptocurrencies are here to stay. Crusaders tout it as the future of finance, the rewards of which can be prepped up for reaping today. Sceptics argue that it’s too early to tell at the least, a big fat ‘no’ at the most. Even the biggest, most reputable establishments and individuals are divided, Warren Buffett and Elon Musk among them."
The editorial continued to say that "The fact that cryptocurrencies will now be a publicly-traded commodity also proves the first point above. Traditionally, investors banked on conventional wisdom in placing their bets in the market; today thanks in large part to the eye-opening coronavirus pandemic the gamble now hinges on trends and what-ifs, too."
"Many a successful business were never given an opportunity to list, grow their operations to huge scales and made shareholders happy with returns.
Cryptocurrencies, to certain degrees, have proven that it is a viable asset. As with any investment vehicle, however, there must be rules. The secure blockchain infrastructure may not be enough, given the fact that as tech evolves, so do cyber-crooks. Regulations may and should come, but not to the extent of harming or making cryptos unrecognisable from the purest form it was intended to be," the daily suggested.
"It’s cliche to say that the digital age has disrupted several things and us, as users and consumers, have been brought down the path of accepting new ways to do things, openly or begrudgingly. Whatever the case, cryptos deserve a chance, with its pros so far, so good outweighing the cons. Of course, the danger in ‘ignoring’ such an asset can be both risky and regret-inducing. Think Steve Ballmer mocking the original iPhone in 2007; turned out Apple’s wonder product would out-revenue microsoft’s entire ops some years later," the newspaper explained.
"If cryptos do become successful, it will validate these crusaders’ reasonings and forward-thinking methods. If it doesn’t, well, it will all roll back to the base argument which, strictly speaking, would still favour them: It hasn’t been tried and tested en masse. But there’s a guarantee to that: This is just the beginning; acceptance and perfection will come, someday, somehow," it concluded.
Related Topics
Recent Stories
Currency Rate In Pakistan - Dollar, Euro, Pound, Riyal Rates On 7 May 2024
Today Gold Rate in Pakistan 07 May 2024
Sharjah Animation Conference explores cross-cultural collaboration opportunities ..
Sharjah Public Library provides countless opportunities for young imaginations t ..
Sharjah Police launches 'Your belongings, your responsibility' awareness campaig ..
Dubai Police displays Innovative Tourism Security Services at 'ATM 2024'
Mohammad Haris, Aamir Jamal not part of national squad for Ireland, England: Bab ..
Erdogan opens former church to Muslim worshippers
Cultural events hallmark of a nation, Director RAC
Iraq hangs 11 convicted of 'terrorism': security, health sources
Stocks rise on renewed hopes of rate cuts
PM assures all-out support to Saudi investment
More Stories From Middle East
-
UAE announces ‘Zero Bureaucracy Program’ to reduce bureaucracy
3 months ago -
COP28 President-Designate welcomes Transitional Committee agreement to operationalise Loss and Damag ..
6 months ago -
Global Media Congress 2023 to feature Co-Production Majlis as a new networking platform
6 months ago -
Young female athletes shine at Abu Dhabi World Youth Jiu-Jitsu Championship
6 months ago -
King of Jordan receives Abdullah bin Zayed and ministers participating in Arab coordination meeting
6 months ago -
Abdullah bin Zayed participates in coordination meeting of Arab foreign ministers, joint meeting wit ..
6 months ago
-
3rd annual conference of Emirates Society of Clinical Microbiology kicks off in Dubai
6 months ago -
SIBF 2023 hosts Nobel laureate to discuss emergence of ‘Afrofuturism’ in global discourse
6 months ago -
ALC announces winners of Kanz Al Jeel Award 2023
6 months ago -
SIBF turns spotlight on remarkable contributions of women
6 months ago -
Global assets in spot bitcoin ETFs hit $4.16 billion
6 months ago -
Rescuers struggle to find Nepal quake survivors as deaths reach 157
6 months ago