Bitcoin dips below $8,000. India is the latest buzzkill

What I do not understand about the crypto-currencies is that they are supposed to be currencies that can be "spent" in exchange of goods and services but in reality, they are being marketed and promoted as "value storing assets like bonds and stocks".

The world's wealthy in developing countries are using crypto currencies to money launder their wealth out of their countries strict financial controls and moving those assets to other financial hubs, mostly in the west. We would be surprised how many financial institutions in western world are involved with money laundering for foreigners.

Source:

http://money.cnn.com/2018/02/02/technology/bitcoin-8000-india-crackdown/index.html