RATE Group | Diamond cryptocurrency – coin or con?
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Diamond cryptocurrency – coin or con?

29 Jul Diamond cryptocurrency – coin or con?

Posted at 01:09h in Cryptocurrency News by

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Diamond-backed financial assets may be an exciting new avenue for investors but this excitement needs to be tempered, given the absence of proper checks and balances. Diamond industry analyst PRANAY NARVEKAR reports.

Over the last few years, the markets attracting the most attention are those in cryptocurrencies: cryptography-based, decentralised virtual currencies best exemplified by the industry’s torchbearer Bitcoin. However, the ride for these assets has been far from smooth for investors – Bitcoin went from $US1,000 at the start of 2017 to nearly $US18,000 by January 2018, before falling back to below $US3,500 in January 2019.

The volatility of Bitcoin is considered to be its primary weakness; the currency is driven purely by demand and supply and does not have an underlying value to it. Entrepreneurs saw an opportunity in this and focused their attention on creating cryptocurrency based on assets like diamonds, gold and other real currencies, such as the US…

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