India wants to ban Bitcoin, and the US hoards billions of dollars of Bitcoin, which may become a pile of waste paper

According to an announcement issued by Indian authorities on January 31, the Russian media RT website reported that India plans to introduce a bill to ban "private cryptocurrency" businesses, paving the way for the crackdown on Bitcoin-like practices. The law is designed to promote the Reserve Bank of India to create the country's own official digital currency.
India attempted to ban virtual digital currency transactions including Bitcoin in 2018, but the move was subsequently stopped by the Indian Supreme Court.
The difference between a national digital currency and something like Bitcoin is that the former is issued by a central bank and pegged to a fiat currency, in India the rupee, while most popular cryptocurrencies like Bitcoin, on the other hand, are not held by a central bank or other government agency.
At the same time, markets around the world have always held two completely different attitudes towards Bitcoin. For example, in order to avoid the US dollar and cope with their own currency crises, Venezuela, Turkey, Iran and Russia have also referred to the principles of Bitcoin and developed encrypted virtual digital currencies based on their own sovereign currencies or strategic resources such as oil and gold.
In this regard, Russian media RT quoted a new report from the US FDD Foundation as saying that the United States' geostrategic rivals are deploying encrypted digital currencies to help avoid sanctions and counter the financial power of US banks.
Countries such as Russia, Iran and Venezuela are experimenting with technologies that support crypto markets as a key component of their priority push back against U.S. financial power, the report said.
Despite its perceived safe haven status, gold is not currently a mainstream investment for Russians, whose money is more likely to be spent in other options, including cryptocurrencies.
According to research by the World Gold Council (WGC) two weeks ago, less than one in five Russian investors (or only 16%) own gold and gold coins, but most Russian investors prefer cryptocurrencies to gold, which is completely different from the Russian Central Bank, which has been the world's largest gold buyer for several years.
The WGC found that the main reason preventing Russians from investing more in gold is that Russia imposes a 20% VAT on gold bars. Although some in Russia consider cryptocurrencies to be high-risk investments, they are becoming increasingly popular among Russian investors. Benefiting from transparent investments, especially online trading, Bitcoin ranks high in the portfolios of Russian investors.
However, compared with cryptocurrencies such as "Petro" that are backed by sovereign states, the mystery of the Bitcoin inventor Satoshi Nakamoto's lack of visibility has also led to various speculations about his true identity.
Among them, the most common analysis is that the United States invented Bitcoin, because Bitcoin was born in the United States in 2009, and it may be another alternative to the US dollar after the financial crisis in 2008 and a tool for plundering world wealth. Assuming this speculation is true, it means that the current situation of multiple countries publicly issuing virtual cryptocurrencies has exceeded the original expectations of the inventor of Bitcoin.
In response, the founder of PayPal said that Bitcoin is just the world's largest economic scam in history, unprecedented in history, and Internet promoters are just using it to drive up shipments. The world's crazy Ponzi scheme may be revealed by themselves. This cryptocurrency is actually likely to be worthless and is just a tool to fleece investors. At the same time, blockchain security vulnerabilities caused by Bitcoin hackers are also emerging in an endless stream.
Given the US's long-standing attitude towards Bitcoin, speculation that the inventor of Bitcoin is in the US has been repeatedly mentioned. If this speculation is confirmed, it also means that those markets that continue to allow Bitcoin transactions may face the possibility of being cut off.
JPMorgan Chase CEO Dimon once said Bitcoin is a scam/Source pinterest
On the other hand, although the Federal Reserve has been emphasizing that it has no regulatory power over digital currencies, the United States seems to have been hoarding Bitcoin intentionally or unintentionally. Although the total number of Bitcoins in the United States remains a mystery, as far as the U.S. law enforcement agencies are concerned, according to U.S. media reports earlier, based on written evidence and interviews with current and former defense lawyers and prosecutors, it can be inferred that the U.S. law enforcement agencies are keeping at least billions of dollars worth of virtual digital currencies, and the actual amount is likely to be much higher than this.
According to the latest research from The Block, the number of Bitcoins seized so far accounts for 2.92% of the total circulation. According to an earlier analysis report by Wired magazine, analysts believe that the number of Bitcoins controlled by the US government now exceeds that of any other country in the world.

Wired said that five years ago, the US officials may have actually controlled about 174,000 bitcoins, which came from Ross Ulbricht. In fact, there are many cases similar to the above-mentioned US regulatory authorities confiscating cryptocurrencies such as Bitcoin and selling them, but the relevant departments have always been secretive about this. In this regard, Ray Dalio, the founder of the world's largest hedge fund, expressed his opinion on January 29 that although cryptocurrencies provide traders with protection against the depreciation of legal currencies, there is a serious risk of losing most of the investment.
Dalio stressed that cryptocurrency is a double-edged sword, because Bitcoin can make investors "very rich" while also "destroying the existing monetary system." In addition, he said that digital assets are vulnerable to cyber attacks, and he called virtual cryptocurrencies represented by Bitcoin a very speculative market and not a good way to store wealth because, unlike gold, it is very volatile.
This is the view of Nouriel Roubini, an American economist who once successfully predicted the subprime mortgage crisis and is known as "Dr. Doomsday" and is feared by Wall Street financial institutions. He even said that the final outcome of Bitcoin may become a collection and souvenir for some people (pictured above), just like the former Zimbabwean currency, which, despite its large face value, no one is willing to use it and eventually becomes a pile of waste paper. (BWC Chinese website)