Has the Cult of Bitcoin Misled You Regarding Future Risks? (And a Vital BTC Warning Specific to Indian HODLers)

a vtial bitcoin warning

Today, I have a vital btc warning for all, but specific to Indian hodlers. This vital btc warning, though specific to Indian citizens, becomes applicable to everyone, should this risk irreversibly cross the rubicon from potential to real. There is a definite sector of bitcoin owners, in fact, a very large sector that exhibit behavior that has more in common with religious cult members than rational thinking members of humanity. This is not a new assertion of mine and one that I’ve repeated many times in the past simply due to the irrational, non-intellectual, completely-without-a-single-iota-of-merit ad hominem attacks that result from btc cult members on any person that authors a single criticism of bitcoin, to outright dismissal of any other cryptocurrency as invalid, even the second largest cryptocurrency by market share, ETH. In fact, an article I recently scripted called why ETH, not BTC is the future of cryptocurrencies, was met by people in the comment section that outright called ETH a complete scam, without any logical or constructive explanation that confirms their belief that ETH is a scam.

Regarding recent developments in the Indian cryptocurrency market, much significance has been assigned to the recent amount of money pouring into bitcoin, despite regulatory threats that continually loom over the bitcoin market in India (by the way, regulatory threats are NOT the vital BTC warning that must be understood by Indian HODLers but rather an opportunity cost they are not considering by rushing into cryptocurrency investments). Recent reports attribute the bitcoin cult members’ mantra of “bitcoin is the new gold” winning over the 35 year-old and under demographic’s investment monies as they shun the traditional investment of their parents, physical gold, for the “new gold” of bitcoin. Just within the past year, cryptocurrency investments in India grew from a piddling $200M to a whopping $37B, though even the $40B figure is still mightily dwarfed by the reported 25,000 metric tonnes of gold owned by Indian citizens that translates, at a price of $1,800 per ounce, to $1,446,695,000,000 of gold. Thus, bitcoin still has a lot of ground to gain on physical gold as the preferred method of wealth preservation in India. I found every article that reported on this recent surge in btc holdings in India as completely disingenuous as they presented a narrative that btc would become the preference over gold soon as a store of wealth when clearly the real data does not support this delusional contention.

“I’d rather put my money in crypto than gold,” 32-year old Indian entrepreneur Richi Sood said. “Crypto is more transparent than gold or property and returns are more in a short period of time.” It was later revealed that Richi had invested $13,400 in cryptocurrencies. Since the age demographic most responsible for the surge in increased cryptocurrency investments is under 35, representing Indians that are less financially established than the over 50 Indian investors, many of the new cryptocurrency investors in India are also unfortunately among the demographic least likely to afford big losses should btc prices drop dramatically again from its current price of near $40k, and that would take the longest to financially recover should they experience significant losses due to their obsession with a highly price-volatile asset class.

Furthermore, it is evident that Indians like Richi is not aware of my understanding of the Indian financial market environment, as I illustrated with this critical warning to Indian citizens I published six years ago here, in which I warned Indians that PM Narendra Modi’s “gold monetization” plan was a wolf in sheep’s clothing and in fact, a “gold demonetization” plan designed to turn their physical gold holdings into digital fiat currency dust. Had the younger Indian generation actually read my first warning, they would understand why the Indian Supreme Court have temporarily ruled against legislative authorities in India that have been pushing for a bitcoin ban in India. Now let’s move on to the greater risk of the banking cartel that has convinced young investors in India into buying the “btc is better than gold” narrative.

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J. Kim

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