– Bitcoin replaces gold as asset to store value & pass down from generation to generation
– Government “ban” was marketing campaign & led to increased adoption Both trends easy to anticipate
Chainalysis estimates Indian investments in crypto increased from $200 million to $40 billion over the past year, despite persistent threats of a nationwide ban from lawmakers.
The data illustrates the positive impact of the Indian Supreme Court’s March 2020 decision to overturn the Reserve Bank of India’s ban on financial institutions providing banking services to firms operating with digital assets.
As Willy Woo says, banning bitcoin makes it stronger.
“Banning Bitcoin mining makes the network more resilient. Future generations will look at this time and it’ll be obvious that a decentralised monetary network at scale is more resilient than a nation state acting against it.”