French protesters could ‘use Bitcoin to bring down the banks and government’


French ‘gilet jaunes’ protesters have brought chaos to cities around the Republic.

But one commentator believes angry activists could use cryptocurrencies to launch a revolution without even having to leave the house.

Max Keiser, a controversial and outspoken financial pundit, said French people could ‘collapse the banks’ and bring down the government by withdrawing money from traditional accounts and ploughing it into Bitcoin.

Could Bitcoin be used to bring the global financial system to its knees?

‘France has collapsed their government 4 times already. They are on their 5th Republique. Starting a 6th should be no problem with #Bitcoin as the currency,’ he wrote on Twitter.

‘My research indicates a 20% deposit withdrawal will trigger an unsustainable chain reaction resulting in a severe French bank crisis.

‘This will result in a rise in Bitcoin price, giving protestors wherewithal and incentive to move more deposits out of the bank and into Bitcoin.’

He added: ‘We’re talking about the French. I have complete confidence they will once again rise up and deal with the unruly bankers by any means necessary.’

Some Bitcoin enthusiasts see cryptocurrencies as a challenge to the hegemony of the global banks.

But financial institutions are already rumoured to be planning to get involved in this emerging sector.

George Soros, a billionaire at the heart of many dark conspiracy theories, is already believed to have invested in the cryptocurrency markets. 

J.P. Morgan has also expressed an interest in Bitcoin and recently appointed a new ‘head of crypto-assets strategy’.

However, Goldman Sachs slammed speculation about its own planned involvement in crypto as ‘fake news’ earlier this year.

So there’s still time to beat the banks if you get in quick – assuming you’re an investor with the stomach needed to endure the roller coaster ride of the notoriously volatile crypto markets. 





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