Zerodha co-founder Nikhil Kamath recently shared insights during a podcast where he has hosted several market experts and CEOs, such as Ray Dalio, CEO of Bridgewater Associates, Uber’s Dara Khosrowshahi, and Brett Adcock, CEO of Figure AI. In these discussions, Kamath expressed a keen interest in learning more about Bitcoin and the blockchain technology that underpins it.
Despite the growing popularity of cryptocurrencies, Kamath disclosed that he personally holds no Bitcoin (BTC) and admitted to not being sufficiently knowledgeable about it. This reveal came shortly after his podcast interview with Tesla CEO Elon Musk. When prompted by a user regarding his Bitcoin ownership after his interactions with other industry leaders, Kamath candidly stated, “I hold none, never have. Honestly, I don’t know enough to comment. I would love to take some time and learn more about it next year.”
In India, while Bitcoin is not officially banned, it operates in a somewhat gray area. The country does not have a dedicated regulatory body overseeing cryptocurrency transactions, although gains from buying and selling these digital assets are taxable. The Indian Finance Ministry has clarified that Bitcoin does not qualify as legal tender, though cryptocurrencies, including Bitcoin and NFTs, are classified as Virtual Digital Assets (VDAs).
Indian courts have affirmed the status of cryptocurrencies as assets, particularly following a 2020 Supreme Court ruling that invalidated a previous ban by the Reserve Bank of India. This ruling has since enabled Indian banks to engage with cryptocurrency transactions from exchanges and traders.
As of now, Bitcoin prices were reported at around $87,056, reflecting a 2.36% decline within the last 24 hours. Despite this downturn, Bitcoin continues to hold significant recognition as an asset class, even as it struggles with a 7% decrease year-to-date and an 11% decline over the past year.
This ongoing narrative within India’s digital economy underscores the dynamic and evolving landscape of cryptocurrency as both a financial asset and a topic of widespread discussion among leaders in technology and finance.
