Can Bitcoin Be A Viable Option As Canadians Withdraw Staggering Amounts of Money From Banks?
Canadians are defending their financial independence. Canadians have began withdrawing all of their money from bank accounts in a pre-planned move. When the government seeks to freeze bank accounts without a court order, this appears to be a normal reaction. And is Bitcoin here to help?
The large sum of money was removed in order to avoid being subjected to a prospective government action. Justin Trudeau, Canada’s Prime Minister, made the announcement recently.
This has been examined by James Melville, a UK-based economic writer. He produced a graph on his Twitter page depicting the tremendous flow of money that has been pulled from Canadian banks.
Canada is now seeing a wave of protests as a result of the compulsory COVID-19 vaccination plan. Furthermore, citizens are expressing mass social and economic demands.
The demonstrations reached a climax a few of days ago. Trudeau and other authorities carrying out his directives have declared that anyone who are demonstrating and disrupting the streets’ bank accounts may be frozen.
However, this is not the most problematic aspect. Worse, inmates will be added to a “misconduct” file. They will be barred from some forms of jobs and labeled as “terrorists” once they are on it. Surprisingly, this placed Canada in area where the notion of democracy appears to be under jeopardy.
Many Canadians, according to social media, are swapping their money for Bitcoin. They believe this will protect them from the authorities freezing their accounts. This illustrates a great use case for Bitcoin, according to one of its most valuable features: it cannot be impounded.
Because of its design and functioning, Bitcoin is a strong financial weapon of real individual economic sovereignty, which no government, business, or organization can control or centralize.
Acquiring 51% of the Bitcoin network is really quite hard. And within lies one of the most valuable assurances of our history’s most innovative virtual asset. As a result, the phrase “Bitcoin fix this” is frequently used in the business. It is a statement that attempts to highlight the cryptocurrency’s numerous usage cases.
Canada has a generally thriving economy and a populace that does not necessarily need to utilize cryptocurrency to protect themselves against inflationary events. As it is in Latin America. However, in the case of an individual financial embargo, Bitcoin and other cryptocurrencies will be an effective means for circumventing this.
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