For most of us traditional banks and the banking system is where we put 100 percent of our trust when it comes to our hard earned money, however, over the years and very recently they continue to prove to us that they cannot be trusted, and we must seek alternative options to safeguard our finances.
Last week alone the world saw yet again the ugly truth of traditional banking.
Turkey freezes bank accounts
On Thursday October 3rd, local media outlet in Turkey, Sozcu Gazetesi, reported that hundred of thousands of Turkish citizens received an electronic foreclosure notice informing them that their bank accounts were to be frozen on the following Monday.
In total, about 3.3 million bank accounts were frozen, affecting 2.5 million taxpaying citizens and 800 thousand companies. This was due to their debts held with the banks, coming to a total of $26 billion.
This came as a shock to everyone as Turkey’s debtors expected government help with repayments in the case of debt, with Treasury and Finance Minister, Berat Albayrak promising such aid.
Hong Kong ATM’s out of cash
Earlier today (8th October 2019), it was reported that local ATM’s in Hong Kong had started to run out of money over the weekend. With a wave of social media posts hitting the wide world web showing pictures and videos of long queues of people hurrying to draw money out.
Their problems do not end there, many Hong Kong citizens fear that the government will too freeze their bank accounts. CIO at Hayman Capital Management, Kyle Bass, tweeted that this is a very realistic scenario,
“Bank runs all over Hong Kong now. ATM Machines running out of cash but there is something important … failed leader carrie lam(b) can now officially confiscate bank accounts and assets without recourse. The HK legal system is essentially gone.”
People turn to Bitcoin
It is a no brainer that more and more global citizens are turning to Bitcoin as a safer and more stable option for their choice of currency. With no interference from governments, they do not have the stress that many other people in today’s society are faced with.
In September alone, the number of searches for Bitcoin in Hong Kong skyrocketed and hit the highest levels it has seen since June 2019, according to data released from Google Trends.
Not only this but the trade volume of Bitcoin has too set new high records.
People are moving with the times and can no longer trust or rely on the traditional banking system, and we do not blame them with all that has happened and still continues to happen.
Bitcoin is not a get rich quick scheme; it is a get free quick scheme.