Zee News is one of the largest Indian news networks with over 150 million average viewers. Recently it featured a full segment on Bitcoin with regards to its price projection, potential and global use cases. Zee News Business Head and Senior Editor Sudhir Chaudhary hinted that Bitcoin could reach $10,000 in value, considering the rising demand for the cryptocurrency.
During a live show broadcasted to millions of active viewers, Chaudhary described Bitcoin as “the world’s most valuable currency,” and stated that the Zee News network decided to launch a complete segment on Bitcoin to discuss about the Indian government’s recent seizure of a Bitcoin exchange.
“We're also making this segment because an Indian agency is trying to freeze a Bitcoin exchange. Drug sellers are using Bitcoin, and a division of the Indian government, the Narcotics Control Bureau, has seized 500 Bitcoins. As one bitcoin is 45k rupees, the amount frozen is around 2 crores and 25 lakhs.”
Bullish on Bitcoin & Debt-Based Monetary Systems
Despite various regulatory concerns and policies surrounding Bitcoin in India, and the government’s crackdown on several large local Bitcoin exchanges, Chaudhary explained to its large audience that the rapidly rising value of Bitcoin must be noted and considered before criticizing its legality.
Chaudhary, who is also the host of Daily News & Analysis at Zee News, instead heavily criticized banks and the current monetary systems in India, stating that if 3 percent of the entire Indian population or even a small percentage of the clientele of local banks were to withdraw their cash, banks wouldn’t have enough capital to process the payouts.
“The truth is, even if only 3 percent of people withdrew all their money from their banks, the banks would not have enough money to pay them. The entire monetary system is dependent on governments and banks. If a bank messes up, then all your money could be lost. But, Bitcoin is an attempt to get away from this regulation and this danger of banks.”
More importantly, he emphasized that clients cannot be assured that the numbers which are often displayed on bank account statements can be withdrawn as the majority of user funds are loaned out to corporations and high profile individuals.
“But when you store your cash in a bank, the bank takes a large amount of your money and loans it out to other people. You can see money in your bank account, but the truth is, that money isn't there,” he further emphasized.
Ultimately, Chaudhary believes that Bitcoin offers the financial industry and its consumers with actual control over their funds, unlike current monetary systems and banking services that are heavily dependent on the government and central bank’s monopoly.