In a notable public exchange on social media, Sumit Gupta, the co-founder and CEO of Indian cryptocurrency exchange CoinDCX, has directly questioned Zerodha co-founder Nikhil Kamath about his personal stance on Bitcoin and blockchain technology. This follows Kamath's widely discussed podcast episode featuring Tesla billionaire Elon Musk.
A Public Inquiry on Crypto Evolution
Taking to X (formerly Twitter), Sumit Gupta extended congratulations to Nikhil Kamath for the success of his "WTF" podcast. Gupta noted that he, along with millions in India, has been learning from Kamath's conversations with global leaders. He highlighted that Kamath has engaged with figures like Elon Musk, Ray Dalio, Nandan Nilekani, and Ruchir Sharma, gathering their perspectives on Bitcoin and blockchain.
Gupta then turned the tables, posing pointed questions to the podcast host himself. "Would be keen to know what your view on blockchain and bitcoin is now? Has it evolved from those conversations? Do you hold any BTC?" Gupta inquired. This public call seeks to understand if Kamath's own opinions have shifted after his deep-dive discussions with some of the world's most influential financial and technological minds.
Elon Musk's Physics-Based Vision for Currency
The catalyst for this inquiry appears to be Kamath's recent interview with Elon Musk. During their conversation, Musk presented a profound and physics-centric view of value, which has significant implications for cryptocurrencies like Bitcoin.
Musk asserted that the only true currency in the world is "energy." He explained that energy is based on physics and cannot be legislated into existence. Governments cannot simply pass a law to create more energy, making it a fundamental and scarce resource. Musk projected a future where humanity might move beyond traditional money, with energy and power generation becoming the de facto global currency system.
"Some currencies are physics-based. So energy is the true currency. This is why I said Bitcoin is based on energy. You can't legislate energy. You can't just pass a law and suddenly have a lot of energy," Musk stated in the podcast. "Probably (in future) we won't have money, and probably will just have energy, with power generation, as the de facto currency." This perspective directly ties Bitcoin's proof-of-work mechanism, which consumes substantial energy, to a potential future store of value.
Bitcoin Market Faces Pressure Amid Outflows
This high-level philosophical discussion unfolds against a backdrop of market volatility. According to data from CoinMarketCap, Bitcoin's price declined by 0.46% to $87,257.39 as of 7:54 PM IST on Wednesday, December 24, 2025. This drop from the previous day's level of around $87,660 occurred amid broader weakness in the cryptocurrency market.
The bearish sentiment was driven by a combination of negative technical indicators and significant outflows from Bitcoin Exchange-Traded Funds (ETFs). Data indicates that Bitcoin was trading below critical moving averages, signaling weak short-term momentum. A major contributing factor was net ETF outflows totaling $188.6 million as of December 23, 2025.
Over a 24-hour period, the market capitalization of the benchmark cryptocurrency fell by 0.51% to $1.73 trillion. Trading volumes also contracted sharply, tanking by 26% to approximately $31.5 billion. This environment underscores the highly speculative and risky nature of cryptocurrency investments. Experts consistently warn investors to exercise extreme caution and conduct thorough research before committing funds to this rapidly evolving and volatile asset class.
The public dialogue between leaders of a traditional brokerage and a crypto exchange highlights the ongoing convergence and debate between India's established and emerging financial ecosystems. The market awaits Nikhil Kamath's response to Sumit Gupta's pointed questions.
