RBI in a tirade yesterday says crypto is worthless. Yet their own actions can prove the value of crypto. Notes issued by RBI themselves were cancelled overnight by the Indian government and rendered worthless.
People had a small time frame to redeem them, after which those notes expired and could no longer be used. If for whatever reason you were not able to redeem those notes, all you have left is scraps of paper. Today a lot of people still have old notes that no longer have any value.
This example alone shows the glaring failure of centralised currency models. You are permanently indebted to the rulers, who can take arbitrary decisions on your money. Your funds are literally not your funds, even if you hold them as cash. Of course, if its in a bank its even worse as it can be seized any moment if you happen to displease the ruling class.
RBI is a legacy institution that doesn’t have any self realisation and can rather do with introspection rather than spreading their agenda against crypto to cover up billion dollar bank scams. Their own blunders prove why crypto is valuable.
Its not unthinkable that a lot of people who faced hardships in demonetisation choose to consider crypto as an alternative system for their savings rather than blindly trust the banks and governments.