PRAY for those in Afghanistan.🙏 🇦🇫. They can't withdraw money from Banks. This is why crypto must be adopted.
Thousands of Kabul residents lined up to withdraw money from their bank accounts only to be told ‘there is no cash,’ forcing them to leave their life savings behind. This is commonly known as a bank run.
The reason the banks have no cash is that it’s all being lent out. Banks are usually only allowed to lend out 90% of depositors' money (meaning they hold 10% in reserves), but right now, there are no reserve requirements; banks can legally have 0% in cash.
Imagine trying to flee your country, trying to withdraw *your* life savings, only to be told that it’s not possible because the bank doesn’t have your money.
People often say that ‘crypto is worthless; it has zero utility,’ but that’s where they’re wrong. One of the benefits of crypto is that you hold your own money—not the bank. You could flee the country with millions of dollars so long as you know your seed phrase to access your crypto. Holding physical gold is tedious, especially if you have a lot of your wealth in gold. Try going through an airport with millions of dollars worth of gold bars… Aside from the fact that it’s extremely heavy, it will most likely be confiscated for questioning, or worse, stolen.
China’s multiyear crackdown on the crypto industry may have reached its apex on Friday, cementing a shift in the balance of power away from one of the countries that first embraced the digital currenc...