In a searing attack on the Indian government, Bitcoin bull Tim Draper wrote off the nation’s proposed ban on cryptocurrency as devastating for its economic and technological progress. Draper also cited inherent corruption at the highest level as one of the key drivers behind the alarming legislation.
With India on the verge of a complete ban on cryptocurrency, Bitcoin could be outlawed in one of the world’s largest and fastest-growing economies. So it’s unsurprising that Draper, one of the more outspoken (and successful) BTC investors, would take such offense to a ban.
Optimism had been high when Narendra Modi won his second term, primarily because of his reputation as a pro-business leader. For fans of cryptocurrency, this perception has gone up in smoke.
Talking to INC42, Tim Draper did not mince words in a brutal assault on both the people and the ideology behind the imminent ban on Bitcoin:
“It is akin to the Luddites. They are in fact saying, ‘we will not tolerate progress.’ It will set them back 40 years. Imagine if they did this with the internet? It seems as though they are clinging to their power instead of thinking of the good of the country. This move shows that Modi has not yet rooted out corruption in the country. It lives on in his own government.”
Many believe India is likely to be one of the top economies in the future; if Bitcoin is also the future, then there is an obvious disconnect.
In addition to the opposition from Modi’s government, the Trump administration has been taking a more aggressive stance against Bitcoin in recent weeks. Treasury Secretary Mnuchin has given a press conference to warn against illicit activity in crypto, and he also stated he would not be loading up on BTC anytime soon.
Despite all this, the Bitcoin price has been impressively stable. Though it is off its highs, Bitcoin is clinging to the $10,000 handle. Given how overbought cryptocurrency markets were, a more abrupt collapse was possible.
Its resilience may be due to positive signs of adoption and growth elsewhere in the world, as well as a healthy dose of skepticism regarding the ability of governments to enforce a ban.