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Opinion: Why crypto is more like a Kardashian instead of a Meryl Streep

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Foreign currency investments come in all shapes and sizes, but they can be reduced to two or two suggestions: one based on Kim Kardashian, the other based on Meryl Streep


Foreign currency investments come in all shapes and sizes, but they can be reduced to two or two suggestions: one based on Kim Kardashian, the other based on Meryl Streep. Both are famous celebrities - one new, the other old; one reality star, the other a talented actor. The new ones can make a fuss and "break into the internet", the others become a benchmark for acting. Someone thrives on Instagram and has an army running their social media; others are more nuanced, use traditional media and have shown courage.

Cryptocurrency is the Kardashian of the investing world; You don't know its intrinsic value, but stick to the fleeting perception of the passing crowd that it's a hot investment. The value of the cryptocurrency has increased to such an extent that it is recommended as an investment option. To expand on the analogy, if Kim Kardashian said, "I'm Meryl Streep," or better, "I'm Crypto Strip, who is Meryl and better," would investors buy it? Usually not, but it's happening now - not only is cryptocurrency seen as a real currency, it's even considered by some to be better than real currency, as its value keeps increasing the more people buy it. Usually when something only increases in value as more people (mine) invest in it, it's a poncho scheme.

Whatever that perception or "feeling" is, the term "cryptocurrency" is a misnomer. There's nothing mysterious about it, nor is it currency. Bits of currency were added to add credibility to what is essentially a symbol of a shared digital book. Cryptocurrency advocates will make us believe that this is the future of currency because it is technology; Technology is inevitable, progress is relentless, inevitable, and India will lag behind the development curve if it ignores technology. The scammers have repeated this argument so many times that the Supreme Court and even the Parliament believe that cryptocurrencies should be legitimized. Meanwhile, the savvy investors behind this fake currency circled around them. They even managed to convince parliament to draft a bill to ensure that it is a legitimate investment option. The bill has not yet been approved and would effectively turn Kim Kardashian into Meryl Streep. While this is not physically possible, it is possible from a legislative point of view.

Cryptocurrencies should be called for what they are - it's completely fake. It's not even currency. Currency is ONLY real when issued by a central bank. Any other currency under any name is counterfeit. Any digital currency used in India can only become real currency if it is issued by the RBI. RBI issues its own digital currency. Which has intrinsic value because it is guaranteed by the central bank can be converted into real rupees. The RBI central bank digital currency (CBDC) will clarify the functions around cryptocurrencies. Therefore, venture capitalists and private investors who have invested money are trying to sell as much as possible to unsuspecting private investors, mainly to make trash out of it. You are trying to get legislation through parliament. They are trying to force the Supreme Court to step in to keep regulators from banning it. So far, they have confused enough people to believe that counterfeit money is the future of technology. Cryptocurrencies are driven by technology like aluminium companies. Simply because aluminium companies use energy to convert bauxite into aluminium! If counterfeit currency companies use blockchain technology, what about the technology? The use of technology does not make cryptocurrencies real.

Parliament is not allowed to pass a bill that legitimizes counterfeit money and poses a challenge to the economy. Counterfeit currency creates a fake economy parallel to the real one, hiding transactions and hiding them from taxation. Should Parliament take an active part in creating a parallel economy only to find fault after the bill is passed? The great hope of all thinking citizens is that the Supreme Court will fail to convince that our central bank does not understand currency; that the Ministry of Finance does not understand parallel economic work; that the only ones who understand technology, currencies, and their importance to the economy are the diverse groups who deceive and ignore governments and regulators around the world.

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