is our financial system designed to keep you poor?

[IIrik11]

source: https://x.com/Akshat_World/status/1966094959624466448

so, i was reading an article which led me to this tweet above by the same author who is mentioned in the article

and it says something along the lines that indians should not ignore bitcoin because it has the potential to reach 1 million

and that it will outperform 99% of the mutual funds, here's the article and a snippet from it:

https://www.businesstoday.in/personal-finance/investment/story/sheep-mentality-financial-advisor-warns-indian-investors-not-to-ignoer-bitcoins-1mn-potential-494078-2025-09-15

Akshat Shrivastava, Founder of Wisdom Hatch, has sparked debate on social media after urging Indian investors to rethink their stance on Bitcoin (BTC). In a post on X (formerly Twitter),

Shrivastava wrote, “By the time most Indian investors realize the value of BTC, BTC will be 1Mn USD. There is comfort in the crowd. But, money is never made by following sheep mentality. Not saying you should put your entire net worth into BTC. But, maybe the naysayers should at least be open to studying the asset.”

and i realized he is completely right because i read somewhere that only 17% of indians invest in the stock market and i don't have the exact bitcoin data but..

if i am going to assume, i'd think that maybe half of those might be investing in some form of crypto and maybe some percentage of there total portfolio might be bitcoin

we are so so behind and by the time we realize the bitcoin will most definitely hit a milion for sure and most of us will be left out again because most of us don't know about it

and it got me thinking is our financial system deliberately trying to keep us poor by not letting us freely invest in bitcoin and by putting 30% tax and 1% tds on it?

thoughts..?

[Bitcoin Smith]

Tax is inevitable, if we don't want to pay the taxes then we can't have the military which keep us secure from any kind of invasion and we got a system even though it is not really perfect still it is operating and we are growing compared to where we are when we got the independence and now India is in a place to influence the geopolitics too but 20 years back we are just another dirties country for the rest of the world.

Now coming to the system, yes it is designed to keep ourselves where we are but also gave an opportunity to grow and pay more taxes which depends on the individual's skill, knowledge. But if you are extremely rich then go to Dubai and pay zero tax and get better living condition but your daily expenses will be still higher than what we pay here.

Tax is multi level complicated system and I really can't put into a single reply.

[libert19]

...and it got me thinking is our financial system deliberately trying to keep us poor by not letting us freely invest in bitcoin and by putting 30% tax and 1% tds on it?

thoughts..?

I don't think it's designed keep the citizens poor rather more like, try to save them from frauds and scams that are rampant in this sector and our gov don't have means how to tackle the stuff that happens in crypto, so they would rather discourage people from bothering with it.

[JSRAW]

thoughts..?

He is spot on about the rat race but I don't think I'd take any corn advice from fin influencer or hussler and imho if you are here on bitcointalk then you should do the same as you know better. Back in 2017-18 this very same guy was shilling SIPs, penny stocks etc through his courses, which I don't mind and he's actually good at it but thank God I didn't listen to him and instead went all in BTC followed by DCA religiously.

It doesn't matter much but one should know about  background as well as. He used to write economics policies/articles for some congress leader and was their campaign consultant during 2013-14 election.

[TheUltraElite]

With a government that likes to give things for free, you cant expect them to help out investors. They will take money from the people and attempt to appease the vote bank with their freebies while not allowing investors to make money.

Sovereign Gold Bonds were stopped essentially because the government ended up giving up more money to investors than making from them.

We just have to survive through this, maybe changes will come in someday but till then we can only hope to collect bitcoin and lead normal lives.

[LucyFurr]

We just have to survive through this, maybe changes will come in someday but till then we can only hope to collect bitcoin and lead normal lives.

There can't be any change until people see right through what these government(s) are doing to us since independence. I agree with that bitcoin which can help us on the individual level but if we need a change overall the bitcoin might not be enough, we need a lot more things needs to be changed to get better as economy.

Now, our government is starting to think it is competing with Japan since its GDP is closing in on ours, but are we?

Nope, we are nowhere near what Japan made it through, and one thing I can say is that this happened in Japan with disciplined citizens.

[pawanjain]

we are so so behind and by the time we realize the bitcoin will most definitely hit a milion for sure and most of us will be left out again because most of us don't know about it

and it got me thinking is our financial system deliberately trying to keep us poor by not letting us freely invest in bitcoin and by putting 30% tax and 1% tds on it?

thoughts..?

I have been following him since a few years but I would say that he is at the end a finfluencer.
While some of his videos are good to watch and insightful, we should not rely on any advice by any finfluencer.
We should do our own research, get the facts right and analyze the situation and take action accordingly.

I believe we are still early into bitcoin and while the whole world would have heard of bitcoin by now, a lot of them are still hesitant.
This is mostly because it hasn't got regulatory approvals from many countries yet but some have already started.
So I would say this is the golden time to get into bitcoin while we still have the chance before it already crosses $1 million.

Our financial system is surely in the favor of the rich people and the lower class which is why it's middle class who always gets crushed.
But if we plan our taxes well, strategies and invest then we would still be able to generate a decent amount of wealth through our investments.
I believe the only way to recover the amount lost in taxes is through thoughtful investments.

[henmark]

This tweet was also popular on reels. I got this a couple of times while scrolling my insta. We also pay taxes on everything. Our income, our expenses, our luxuries and even our necessaries. Taxes are unavoidable in our country. Even a regular coffee from startbucks will have 18% GST. I wonder, where does this money go at the end? Yes, some metropolitan cities show promising development but few rural parts are so behind that there is not even proper electricity and water connections for some people. The taxes are just so messed up.

For cryptos, 30% tax and 1% TDS was a really big step and most of us accepted that only thinking that this will atleast accept cryptos as a legal tender in our country. But did that really happen? For a certain extend, yes but still cryptos are highly unregulated.

Our government should really consider reducing these taxes. I really hope we can send a link to this thread maybe to our finance minister, lol .

[pawanjain]

This tweet was also popular on reels. I got this a couple of times while scrolling my insta. We also pay taxes on everything. Our income, our expenses, our luxuries and even our necessaries. Taxes are unavoidable in our country. Even a regular coffee from startbucks will have 18% GST. I wonder, where does this money go at the end? Yes, some metropolitan cities show promising development but few rural parts are so behind that there is not even proper electricity and water connections for some people. The taxes are just so messed up.

For cryptos, 30% tax and 1% TDS was a really big step and most of us accepted that only thinking that this will atleast accept cryptos as a legal tender in our country. But did that really happen? For a certain extend, yes but still cryptos are highly unregulated.

Our government should really consider reducing these taxes. I really hope we can send a link to this thread maybe to our finance minister, lol .

Crypto is still not considered as a legal tender in India because it has not been officially approved as a legal tender.
It has only been approved to trade for short term and long term gains.
A legal tender means people can accept crypto as a payment method which is still illegal in India.
The only legal tender officially used in India is Indian Rupee (INR).