Watch: This Gujarat Bitcoin Scam Is Bigger Than India’s Largest Banking Scam, Apparently By Policemen

This Instagram generation is often swept away in a whirlwind of trends ranging from ones that make no sense, to ones that are more dangerous than they look.

This isn’t only restricted to a whole sea of teenagers on social media platforms, but also to elders, which thanks to modernization, are also easily fooled.

One such trend that emerged last year was the virtual currency Bitcoin. Put in simple words, Bitcoin is electronic cash, different from online wallets.

It uses encryption techniques to regulate the generation of units of currency and verify transactions.

Related: Nirav Modi’s Documents Seized From Law Firm: Cyril Amarchand Mangaldas’ Office

As of 2017, Bitcoin recorded the highest price value of INR. 13,77,202.89. That’s a lot of rupees.

Seeing the upward trend of Bitcoin and the demonetization news by Prime Minister, Narendra Modi, rich businessmen – especially in Gujarat – started laundering their untaxed cash into crypto-assets such as Bitcoin. 

With the exponential rise in its value, Bitcoin was flying ever high. But once it started falling, it was like a parachute failing at 10,000 feet.

Watch how blind trend-following and investing in Bitcoins financially affected the businessmen who were trying to hide their money:

Image Credits: Google Images

Sources: The Wire, Bloomberg, Firstpost + more

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