Lakshmi, an owner of a chai stall in Mumbai, wakes up at 4 AM every morning. She passionately cooks chai for the city’s thrumming workforce. Her earnings might pay for her family’s needs, but not enough to create savings or investments. She hopes her kids get a better life than her. She dreams of a future for them in which they don’t have to endure the hardships that she has. Then you read that Bitcoin is going to $2.4 million. Does that sound like it's for Lakshmi?

$2.4M Bitcoin: A Distant Galaxy?

ARK Invest’s most bullish prediction is an optimistic portrait of unimaginable riches. Institutional investment, Bitcoin as an inflation hedge, digital gold – these are the catchphrases powering the prediction. Let's be brutally honest: what do these concepts mean to the millions of Lakshmis across India?

For the average Indian, especially those living in villages or at the bottom of the economic pyramid, the digital revolution remains a faraway fantasy. Access to reliable internet access, much less smartphone usage, is a luxury. Digital literacy is poor, and financial inclusion is still a major hurdle. How can an entity engage in a market they don’t fully understand and can’t even properly access?

Forgotten Voices, Widening Wealth Gap

We cannot overlook the stark reality of inequality in India. A speculative Bitcoin increase to $2.4 million will most definitely only enrich those who are already in receipt of the wealth and education required to invest. What of the lost narratives? Imagine the farmers going under in record debt and the essential workers living paycheck to paycheck. Consider the women in rural communities who are locked out from the traditional financial system.

The moment Bitcoin makes the rich richer, that’s a rigged game. This unequal accounting not only leaves those most vulnerable to climate change even further behind, but further stokes the fires of social unrest. It’s kind of like dangling a prosperity carrot that’s always just out of reach. The anxiety this creates is real, an invisible fear that the system is unconscionably rigged against them.

It’s not just about Bitcoin — it’s about equal access. It’s more about making sure that the benefits from all these future smart technologies are enjoyed by a wider swath of people.

Digital Divide, Real-World Impact

To counter the adverse effects of the digital divide, the Indian government has rolled out initiatives such as Digital India. While these efforts are positive, they must be further accelerated and targeted in a more strategic way. We need to focus on:

  • Improving digital literacy: Providing accessible and affordable digital education programs, especially in rural areas.
  • Expanding internet access: Investing in infrastructure to ensure reliable and affordable internet connectivity for all.
  • Promoting financial inclusion: Making financial services more accessible to marginalized communities through innovative solutions like mobile banking and microfinance.

Let’s stop day-dreaming about Bitcoin going to the moon at $1M+. Instead, let’s figure out how to undo the digital divide and bring the promise of the digital economy to everyone. Imagine crypto community education centers on every block in rural India. Or creating easy-to-use mobile applications that enable users to invest spare change in Bitcoin and other cryptocurrencies.

We must recognize the potential negative impacts of a Bitcoin boom and act in advance to protect against them. SOURCE OF WEALTH This isn’t to demonize cryptocurrency or its benefits, but rather to get a more equitable distribution.

Here's an unexpected connection: think of the Indian postal service. For nearly 70 years, it served as a lifeline, linking isolated communities to the bustling outside world. Perhaps a more replicable, government-supported model would be to supply custodial, regulated, and user-friendly crypto on-ramps for average citizens.

At the end of the day, that’s not really the right question, anyway — at least not the only one. It’s not if that impending wealth will trickle down to their most vulnerable residents. It's about ensuring that Lakshmi and millions like her have a chance to participate in the digital economy and build a better future for themselves and their families. Will we let them be left behind?