Tokenomics | Experts discuss the outlook for cryptocurrencies in 2024

Speaking to CNBC-TV18, Nischal Shetty, Co-Fouder at Shardeum talked about the approval and launch of 11 Bitcoin ETFs in the US, with a staggering initial trading volume exceeding $4 billion. He sees this development as a positive momentum builder for the entire sector.

“I think over the last week or so since they have been trading, I think they've crossed over $7 to $8 billion and that's a market cap of I think close to $28 billion locked in these ETFs now and that's a great sign for Bitcoin,” he noted.

As the crypto ecosystem gains momentum globally, Avinash Shekhar, Co-Founder and CEO at PI42 Exchange highlighted the challenges faced in India, particularly in terms of regulations and taxation. The industry is eagerly awaiting clarity from the government to encourage more innovation within the country.

Shekhar said, “Indians are somehow not clear that whether if they are in India, and they innovate, and they create a like a billion-dollar Web3 company, what will happen from a regulation and taxation point of view. So I think that is something which is, I mean, obviously, from our side, we are working with the government are trying to explain them. But I think that is one space on the regulation where I think as economy, we have to be very quick in terms of giving clarity to the industry.”