Think.Nxt With Raghav is a brand new series available only on The Quint, where our Editor-in-Chief Raghav Bahl explores the extraordinary intersection of India's destiny with disruptive technologies and emerging trends which are rapidly changing the world order.
In the first episode of Think.Nxt With Raghav, The Quint’s Editor-in-Chief Raghav Bahl talks about cryptocurrency, and how does it get a value.
“You go and solve a mathematical puzzle, you use a tonne of computing power and energy, and you get a digital file at the end of it, which is called a coin. How in the name of God does it get a monetary value attached to it,” Raghav Bahl asked, opening the forum to experts.
To this, Praveen Chakravarty, a politician and public intellectual, said that the idea of a currency is a “political” one and that currency gets a value on the basis of a certain amount of trust in it, which may come from a sovereign guaranteeing it.
'Crypto Is A Medium Of Exchange': KoinX Founder
Joining the discussion, policy advisor Tanvi Ratna, while comparing a cryptocurrency to an asset, said that crypto is priced by a market. “There is a market of buyers and sellers, there are exchanges offering this marketplace, and it’s the people that are setting its price,” Ratna said.
Meanwhile, KoinX founder Punit Agarwal said that crypto is “a medium of exchange,” and gets a value if you can exchange it in return for goods and services.
Watch the first episode of Think.Nxt With Raghav to know more about cryptocurrency, and if it holds the potential to start a digital revolution in the financial space, which is, at present, dominated by fiat currency.
Stay tuned for the entire episode, coming soon only on The Quint.