I must confess, I was fascinated by the story of a 21-year-old woman quitting her job to pursue a career in, of all things, cryptocurrency. Eight years on, this gamble has paid off handsomely, providing not just a livelihood but a thriving financial cushion. Her audacity is laudable. And rightly so.
Paperless. Digital. Decentralised. Democratic. This utopian blend seems to promise a financial revolution. However, cryptocurrency often dominates headlines for embodying the financial world’s worst vices. Despite this, for many, crypto remains a vital source of income. “Its biggest strength is also its biggest enemy. The fact that it is hugely independent and is seen as democratising also makes it difficult to regulate,” Mitali Mukherjee said in a recent conversation with me. Mitali is a finance journalist and currently a Director at the Reuters Institute for the Study of Journalism.
It all started when I chanced upon Mitali’s book Crypto Crimes: Inside India’s Best-Kept Secret. My mind flooded with questions and contemplations, I found myself inevitably drawn to the prospect of a one-on-one conversation. Mitali shared stories of three individuals in the cryptosphere, illustrating its unpredictable nature. She also revealed a surprising trend: women are breaching the boys’ club in crypto land; ‘one in every five crypto investors is a woman’.
Reflecting on the past, we pondered the evolution of equities and speculated on cryptocurrency’s future role in investment portfolios. Our conversation underscored the critical role of financial education in decoding this volatile market. Mitali points out that influencers and educators play a significant role in dispelling misinformation surrounding cryptocurrency. Accurate information is essential to protect investors from potential scams and losses.
Ultimately, while cryptocurrency currently stands at the crossroads of opportunity and uncertainty, with proper regulation, education, and understanding, it may well evolve into a cornerstone of the financial landscape, much like equities have over the past two decades. The journey towards this acceptance is fraught with challenges, but the potential rewards may justify the effort.
(Shruti Kohli is Consulting Editor, Special Projects Digital, NDTV)
Disclaimer: These are the personal opinions of the author