There’s an old saying that applies to many areas in life: if you think like a loser, you’re going to be a loser. Multiple government and regulatory bodies from China, Australia, South Korea, and even the U.S. have adopted the loser mentality by imposing, or threatening to impose, various degrees of the crypto ban. Now, India is joining this dubious list.
Just recently, several Indian financial institutions have taken a strong stance against cryptocurrencies. According to The Economic Times:
“Top lenders including State Bank of India, Axis BankBSE 1.12 %, HDFC BankBSE 1.00 %, ICICI Bank and Yes Bank have suspended some accounts of major Bitcoin exchanges in India, suspecting dubious transactions, three people aware of the development said.
The banks have also sought additional collateral from the promoters of these exchanges on their borrowings and have capped cash withdrawals from the few accounts that are still operational.”
Of course, these crypto ban mandates are nothing new, and only serve to spread fear, uncertainty and disinformation among proponents of bitcoin, alternative cryptos, and the blockchain in general. Largely, they are ineffective in jostling those who are “HODL”-ing cryptocurrencies — these folks understand the fundamentals of the blockchain, and have probably seen worse.
But what the crypto ban does do well is panicking Johnny-come-latelys, or investors who have recently jumped on board in the hopes of quick profits. These speculators are not accustomed to sudden, rapid double-digit losses, and they cut their losses immediately due to their instincts.
Unfortunately for them, cryptocurrencies don’t operate in the same manner as traditional markets. While the profitability story remains very valid for bitcoin and especially alternative cryptos, patience is required. The newcomers joined at the tail end of the bitcoin surge; now, they’re panicking because the blockchain markets necessarily have to correct to build strength for the next bullish phase.
The rookies don’t get that, nor do they discern that they’re being played by big global government attacking bitcoin and alternative cryptos. That’s their problem. However, in the meantime, their problem is our problem because silly circus events like the “crypto ban” detract from the digital market’s powerful tailwinds.
Long term, the blockchain has several factors moving in its favor. In my opinion, the biggest one is that cryptocurrencies are the future of finance and investing. The blockchain is quicker, more efficient, and can be traded 24/7 without government intervention. Moreover, with the robust development of alternative cryptos, no one digital token dominates the scene like bitcoin once did.
So I say, let the global fascists have their crypto ban. In the end, you can’t ban an idea, especially one that has captured the world’s attention.