Stop Blaming India. It did Not Kill Bitcoin. The Media is just a desperate clickbait machine.

India did not try to kill Bitcoin. The Media Did.

Yesterday, Arun Jaitley, the Finance Minister of India simply stated in his address that Bitcoin is not a legal tender and it will go after individuals that use it for illicit activities; however, he encouraged the development of blockchain technologies. The media misinterpreted his statement and now every article talks about how India has killed Bitcoin.

The market collapsed losing $100 billion in value today and every article has blamed India. The problem here is, the media is so illiterate to interpret what was said by Mr. Jaitley. I understand what he was saying as do others. In 2013, America had the same problem cracking down on illicit activities using Bitcoin. Remember Silk Road?

My response to you, the media is, YOU ARE WRONG. India did not kill Bitcoin. Instead, the click-bait media tried to kill Bitcoin and in the process erased $100 billion in value in mere 24 hours based on false reporting.

His statement verbatim was: “In almost no country in the world has [cryptocurrency] been a legal tender or coin and [India] will take all measures to eliminate the use of these crypto assets in financing illegitimate activities or as part of the payment system”.

Now let’s dissect this properly:

  • No country has adopted Bitcoin to replace their Fiat. We need regulations in place to do have digital currency adopted. We as a society are not there yet. Why would anyone hold India or the Finance Minister solely responsible to usher this change without regulatory, and proper accountability due-diligence, as well as a measure to safeguard the average citizen who doesn’t understand even how Fiat is valued?
  • Many will recall, India had recently replaced its largest denomination bank notes, a move aimed to curb corruption, obstinate counterfeiters and stop billions of dollars of taxable income that are currently stored in the underground economy. These painful steps of demonization were primarily taken by the government to attack the black market money.

For reference, India is where the bitcoin exchanges have adopted the highest standards of KYC (know your customer) with transactions that are transparent and conducted through bank accounts.

With just the above information, it is mind boggling to read the panic provoking headlines. The trust we had placed in the media has gone sour. We are no longer informed readers. We are misinformed. Sadly Mark Twain knew it best even in his time when he wrote, “If you don’t read the newspaper, you’re uninformed. If you read the newspaper, you’re misinformed.”

Here’s a great example of Aaron Sorkin’s writing that I’ve always seen as the downfall of American Media…

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