$7.20 -0.03%
EOS · 23w

Yellow Vest Protestors in France plan to Initiate a Run on the Banks, What does it mean for Bitcoin and EOS?

The anti-establishment protests by gilets jaunes or “Yellow Vests” have gripped the country for over seven weeks, the latest reports suggest that the protestors are planning a bank run to collapse the Euro currency system.

The French protests began in November as a revolt against rising prices of fuel by the Elitist President Macron. But the protests are not just about rising prices they also represent the distaste of French citizens against the inflations rates, endless money printing and the policies by Mr.Macron.

The daily Crusader reports that the protestors are planning a bank run where most of the civilians would withdraw funds from the banks. French boxer Nicolle Maxime took to Youtube to call for people to withdraw their funds from the banks.

He said: “and here [Act 9] we are going to withdraw our money from the banks.”

The French banks run on the “Fractional Reserve” system, Max Keiser estimates that if 20% of funds are withdrawn by the citizens the banks would collapse. This could be devastating not only to France but for the Euro currency system.

Max Keiser Tweeted:

If every French person converted 20% of their bank deposits into #Bitcoin (and got a Bitcoin debit card to use for day-2-day stuff), French banks and the government would collapse and a lot of bloodshed could be avoided. #jilletsjaunes #JeSuisSatoshi pic.twitter.com/stKqKHYHWl — Max Keiser, tweet artist. (@maxkeiser) December 9, 2018 What does it mean for Bitcoin?

Cryptocurrency adoption has seen an increase in countries like Venezuela which is going through hyperinflation under Maduro’s regime. Volumes on Bitcoin trading platforms like Local Bitcoins have also seen a rise in countries like Iran and Turkey despite the price collapse last year.

The whole reason why Bitcoin was born was with a vision to serve as an alternative currency against the fiat monetary systems run by central banks. The sentiment in France seems to fit the de...

Continue on blockmanity.com
Recent news
EOS -0.03% · themerkle.com · 17h

Interesting read on NEO and EOS cross-chain swaps!

In the cryptocurrency world, decentralization is finally starting to take center stage again. Albeit long overdue, it seems some projects are finally coming together. Switcheo introduces its atomic sw...