I woke up today with a ton of tweets and articles regarding India once again banning Bitcoin and crypto and this time involving penalties and jail for the ones daring to get involved in these currencies... This country is been banning Bitcoin for over a year now, if I remember correctly and it's not the first time I'm dedicating a post to this topic.
I don't know exactly how the situation in China is, but I do know how the market reacted to the China ban. It dumped like hell on the news and rebounded almost instantly just to send BTC from $3,000 to $20,000 in a three months time span. India hasn't had that much of am impact today on the market. Although Bitcoin has lost a few grands in dollar valuation.
The situation is still highly ambiguous the way I see it as most of the news are relying upon some sort of a rumor coming from an Indian senate member and not facts. It's not irrefutable data that these journalists have built their news upon. The way I see it is mere FUD and if this FUD is to replicate the China one from September 2017, then we'll have a peak for Bitcoin in about three months from now of around $400,000 in valuation.
Although I believe that when BTC will peak this bull cycle it will do that at close to $400,000, I doubt we're that close to it. I might be wrong and will probably need to adjust my strategy for taking profits, but I'd say it's too soon for such an event and it's too soon to get panicked about such news.
Bitcoin and the concept of cryptocurrencies, built on decentralized blockchains, have been created to disrupt governments, central banks, corrupt systems and to once again put humanity in the position of being able to own their wealth and have the freedom to transfer it all over the world for a small fee and do all of that without third parties getting involved.
If you believe that Bitcoin and cryptocurrencies in general are able to do so than you wouldn't be too worried about such crappy news. This marvelous piece of tech has been designed for facing adversities and becoming an alternative, until the alternative becomes the sovereign one and only option. We're at a point where technology is on the grasp of taking control over many aspects of our lives, quite a few of these under the old corruption spell, over the banking sector and the way we define and use money.
You can't fight technology and even if you try you'll definitely fail. I don't know for sure if India is really intending seriously to ban cryptos and enforce penalties towards crypto holders and traders, and have no clue how it will be able to track who's owning what if no crypto exchange is involved, but I do know that it's definitely not in the position of missing this train.
Did you know that a French Lawmaker Already Signed a Petition to Allow Central Bank to Buy and Hold Bitcoin? That petition needs 100,000 signatures to get the attention of the legislators and it already had over 500 in the first day. I tell you one thing, ten years from now banks and governments will hold BTC as a reserve asset and the ones turning towards such a reality sooner than others are gonna become the wealthiest countries in the world.
So India, if you wanna look at an example of a wealthy country in this world, look at Norway and how it is dealing the cryptocurrency and blockchain revolution. You don't like Norway, then have a look at Switzerland. Learn from the ones that have gone this path before you and done that better. There are talks that India might actually be in works of developing its own CBDC and that's why all the hate towards crypto...
...but I doubt they are in that position of releasing CBDCs mainstream. India's not China, but they do look like trying to replicate China for this matter. Another thing that's certain as the blue sky in a sunny day of summer is that governments and banks don't work for their people and respectively their clients. They serve other so called forces and their oppression against the people is already clear.
Covid 19 pandemic is a pure example of that. Bitcoin hasn't been created for ETFs, laws and regulation, approvals and bans. It has been designed as an electronic peer to peer currency that's supposed to serve us and not enslave us. The mass adoption that we're waiting for so many years lies in the world wide use of such currencies and not much in its dollar valuation or trading it.
Screw Bitcoin ETFs and regulatory frameworks, Bitcoin hasn't been designed for that. These are governmental hooks for controlling it and its users. It hasn't been created for any government approval, it's been designed to be approved and used by the people and become the currency of the people. That's why I consider that the most important part of the mass adoption for cryptocurrencies and blockchain technology is to use them more and more into our daily lives.
We need more merchants accepting Bitcoin and other cryptos, companies like Travala, Visa cards such as Binance, Wirex Crypot.com and so on. We need to make this a currency, or should I say the currency/standard. The way I see it, after one year of plandemic, this world, without ctypto and its massive potential, is heading to a mass slavery. At this point we can no longer talk about Bitcoin/cryptos as a fancy asset, but a vital breath of fresh air for humanity.
With all the respect to HODLers, but I see no point in stacking sats for ages while we're loosing our freedoms one after another. The most disruptive step in this mass adoption march that we're currently being part of is actually using these currencies on a daily basis. That's what they've been designed for, not as some collection stamps that you show to friends and family on Thanksgiving Day.
Just my two cents regarding India and where we at with this crypto revolution that we like to brag about a lot. What's your take on the whole situation by the way?
Thanks for attention,
Adrian
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This is a pipedream. Bitcoin, as an electronic peer-to-peer payment system is dead. It is old technology, slow and clunky. The fact that 12 years went by and it still can only handle a few transactions per second shows how out of date it is.
Bitcoin is being acquired by major entities because of the speculative nature of it. The idea that it will go a lot higher is what interests these parties.
The payment system is going to have to come from other crypto which is fine since it is still outside the government/banker system. If you are looking for the "people's money", it is not Bitcoin. That was hijacked.
Instead, the solution lies in other crypto and digital assets.
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I find it odd that the designer of Bitcoin did not foresee the impossibility of using Bitcoin as an electronic peer-to-peer payment system. It should've been obvious based on its slow throughput.
But what Bitcoin is shaping up to become is a neutral reserve asset that is increasingly accepted.
There will be no consumer price inflation. Instead, it is completely obvious that there is massive asset inflation driven by money printing. The economy is in the shitter as it is littered by zombie corporations and unemployment is at a record level. Still, the stock markets of the world are going up.
What we're witnessing is asset classes across the board turning into inferior versions of Bitcoin as a speculative asset. Bitcoin has captured pure speculative energy and will hopefully suck as much money printing driven speculation out of all other asset classes. It would be wonderful if in places like Vancouver, BC, Canada - or the south of England, young people with normal jobs would be able to purchase homes without inheritance.
As a HODLer of Bitcoin, I'm looking forward to governments and banks buying up all the Bitcoin they can. Let them keep it and make us rich in the process. That'll shake things up a little bit in the top 0.1%.
What I agree with you is the real people's cryptos being the likes of Hive.
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Kind of hard of having a one million BTC at this point with only the push of retail.
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There's also the corporate sector and we've seen them directly invest in Bitcoin.
Governments and swapping cash for BTC in their balance sheets would be something new at least in the West.
Iran is subsidizing Bitcoin miners with cheap energy to circumvent sanctions.
Interestingly, Pakistan has an energy glut it is turning into cash by mining Bitcoin with the excess generating capacity.
https://www.dawn.com/news/1609742
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I love Iran's approach towards Bitcoin.
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Good point.
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I agree this is FUD.
If India bans crypto they are removing themselves from the new world economy that is being built.
I do believe all these countries like India, China, Nigeria, USA are trying to limit crypto to hold onto power but it will only cause money and brain power to leave for other countries.
The BTC cat is already out of the bag and there is no putting it back.
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These countries deserve to lose their brains for other countries that treat them better.
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All those countries banning crypto is just history repeating itself. I have no idea about politics in India but look at all the poor or undeveloped countries. Governors and politicians are mostly the reason of the horrific financial management of the country, leading to misery and suffering of citizens.
Bitcoin and the blockchain are a quite helpful tool to avoid these situations to repeat.
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Indeed. Unfortunately these countries need crypto the most.
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India has a history of being very wishy washy regarding crypto.
Every self respecting mega bull market has its share of FUD that's going to make a lot of weak hands shake in their boots.
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Indeed. This cycle is playing the tunes of India in this regard.
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Many governments are ambiguous towards crypto. On one hand, they obviously don't want citizens using some kind of Internet "magic money" instead of tightly controlled national fiat currency. On the other hand, they are also becoming that their national economies will suffer if individuals and businesses, and even their own government agencies, don't use crypto.
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Exactly.
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