India Banning Bitcoin?

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In this video, I discuss the implications of India banning Bitcoin. Both China and India have banned and unbanned Bitcoin before, so the market is getting used to headlines like this.

Banning Bitcoin inside of your country is a lot like banning the internet in your country-- you are just shooting yourself in the foot, while giving neighboring countries a competitive advantage.

Bitcoin is open source, peer to peer software, which cannot be stopped. You can drive the miners to other countries, you can slow down or stop fiat on-ramps and off-ramps, but you cannot stop your people from using it.

Bitcoin services a basic human right-- the right to store the fruits of your labor without the threat of government confiscation or devaluation. As such, any move against Bitcoin is a move against the poor and in favor of the incumbent rich and those who benefit from the Cantillon effect.

Not investment advice! Consult a financial advisor.

India proposes cryptocurrency ban:
https://www.reuters.com/article/us-india-cryptocurrency-ban-idUSKBN2B60R0

India tried to ban cannabis too:
https://scroll.in/article/972852/why-are-weed-and-hash-illegal-in-india-but-not-bhang

The old Bitcoin ban in China:
https://www.bbc.com/news/technology-25233224

India has banned and unbanned cryptocurrencies before:
https://www.bbc.com/news/world-asia-india-43669730

https://techcrunch.com/2020/03/03/india-lifts-ban-on-cryptocurrency-trading/

India's billionaires want Bitcoin banned:
https://www.cnbc.com/2021/02/23/investing-billionaire-jhunjhunwala-says-india-should-ban-bitcoin-.html

Bitcoin now almost as large as the Swiss Franc:
https://fiatmarketcap.com/

The Streisand Effect:
https://en.wikipedia.org/wiki/Streisand_effect

India may still allow a crypto "window":
https://cointelegraph.com/news/india-to-have-a-window-for-bitcoin-says-minister-amid-crypto-ban-fud

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I am not being paid or otherwise compensated by any company or cryptocurrency project that I mention in my videos.

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