Chinese bank ran away Bitcoiners love to say bitcoin fixes this. We’re watching a situation play out in China right now where quite literally bitcoin does fix this.
Now what we’ve seen is that depositors at a number of banks put their money into the Chinese bank and they said I’ll come to get it later. Those withdrawals got frozen starting in April. So the Chinese bank ran away and they’ve gone to the streets and they’re demanding that the banks give them their money back.
But it’s not just any sort of protest we’re watching an uprising starting to happen. That is not something that we’re used to seeing in China.
As Brad Mills Tweeted that the social credit score system of control is breaking down in china. The need for bitcoin is growing stronger globally every single day and volatility is up globally as well. Now there’s video servicing of the protests and it’s not exactly a walk in the park. Know people are draftily increasing which are in streets and they are demanding to give my money back.
As we know China is a really big place. This is all occurring in the Henan province. But over time the question is will it spread to other parts of this large country with over a billion citizens. Now we’ve got a number of quotes from people on the ground. Talking about how this is changing the way they perceive the banks and their government.
The first from an anonymous protester said I did not expect them to be so violent and shameless this time. There was no communication no warning before they brutally dispersed us. Next, up is why would government employees beat us up? We’re only ordinary people asking for our deposits back we did nothing wrong. Then being unemployed all I can live on is my past savings but I can’t even do that now how am I supposed to support my family.
Lastly, the incident completely overturned my perception of the government. I lived all my life placing so much faith in the government. After today I’ll never trust it again. Now we are just here to protest just like in any country like the US and many other places around the world. So somehow protest reach the government.
What we do know is China and its response to these protests. They have even surprised the protesters themselves. There are people who took their life savings they put them in the bank and they thought it was safe.
Chinese Bank ran away
But now as they’ve tried to withdraw that money the bank isn’t giving it back. It’s a major problem obviously for those in China who are being forced to deal with this. But also if it starts to happen in many other places around the world. Bank runs are as old as time but what we are watching happens here. Where people are being frozen out from their deposits causes a lot of fear and uncertainty.
Chinese bank ran away which makes people question how the entire system works. Now I don’t know how this situation will play out. I’m not an expert on Chinese politics or on the Chinese banking system. But I do know that the story is the same for people around the world.
So if they take their money and they put it in banks. They always want the ability to go and get it out. If they are not able to do that the fear can drive all sorts of concerns. I think that’s exactly what we’re watching play out here in china.
Chinese bank ran away now people of china will realize that Bitcoin is a decentralized digital currency. It allows for self-sovereignty. Anyone in the world can hold their private keys. If you don’t hold your private keys slash your bitcoin and the reduction of counterparty risk. The reduction of trust in third parties is something that is being ushered in by the digital age. Bitcoin as the reserve currency of that digital age is at the forefront of teaching people that self-sovereignty is going to become incredibly important in the years to come.