As anti-government protests continue to flare up around the globe - ATMs in Hong Kong are reportedly running out of cash, thousands of bank accounts are being frozen in India due to the scandal involving PMC Bank. According to Morgan Creek Digital co-founder Anthony “Pompa” Pompliano, a cryptocurrency defined by mathematics will have a gravitational pull.
“Ultimately, I believe that people will choose something that is not amenable to manipulation, is not confiscated, is not subject to desecration, is not amenable to distortion, etc. And therefore, I think that many will choose a currency that the government does not controls and their number will grow.
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There are a number of different values that Bitcoin brings to our world. Part of the beauty of Bitcoin is that it is valuable to different people for various reasons. If you are in a country where you are worried about someone taking over your assets, Bitcon becomes very attractive to you.
If you are in a country where hyperinflation exists, now the inability of anyone to depreciate this currency is becoming very attractive. And it just brings different values to different groups of people. ”
Bitcoin is different things to different people.
When you're worried about your assets being seized or becoming inaccessible to you, Bitcoin's non-seizability becomes very attractive.
This aspect of Bitcoin just became important for 1+ billion people in India & Hong Kong. pic.twitter.com/nLLaUlRpBz
- Pump 🌪 (@APompliano) October 6, 2019
Hong Kong protests that escalated over the weekend are a response to government repressive policies.
🔴 HKFP_Live Replay: The moment police stormed the protesters' frontlines in Wan Chai on Sunday and arrested dozens. Officers deployed tear gas as protesters hurled Molotov cocktails. #hongkong #hongkongprotests #antiELAB #china @holmeschan_ pic.twitter.com/LHzqqKMhiM
- Hong Kong Free Press (@HongKongFP) October 7, 2019
Meanwhile, bank account holders in India are begging PMC Bank to return their money, more than 900 000 depositors have suffered.
Like Demonetization, few in BJP knew beforehand about the closure of PMC bank!
FDs worth 16 Crores broken few days before RBI announcement, while common men lost all their saved money. pic.twitter.com/IJqPKE7DyW
- Kapil (@kapsology) October 2, 2019
It is reported that the bank has created 21 000 fraudulent accounts to conceal loans.
The Central Bank of India, the Reserve Bank of India (RBI), responded to fraud by setting limits on withdrawals from a bank account, causing a financial mess for thousands of customers whose savings were blocked on their bank accounts.
Reports Reuters
“RBI forbade the bank to renew or provide any loans or make investments without the prior consent of the central bank, while depositors were informed that they could withdraw from their PMC accounts no more than 10 000 rupees ($ 140) within the next six months.
Dozens of account holders gathered outside the RBI office in Mumbai on Tuesday to protest the restrictions and demand the intervention of the central bank and government to free up their funds. ”
If you decide to acquire Bitcoins, we draw your attention to our articles and news about BTC