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RE: Australian Banks Reportedly Freeze Accounts Of Bitcoin Users

in #bitcoin7 years ago

This is no surprise unfortunately.

The banksters are going to fight the idea of cryptocurrency at every turn. Actions like this only awaken some people to the power the banksters hold and the lengths they are willing to go to. For this reason, people need to seriously consider getting their money out of the traditional banking system.

What is ironic is the banksters might be shooting themselves in the foot. They think they are stopping the flood but they are actually opening it up.

In the US, with the fractional reserve system, every $1 that is withdrawal affects another $9 on the banks lending side. While crypto buyers dont make up a lot at this point, whatever the percentage is multiplied 10 fold.

I got most of my money out already but I still have a bit more in there...need to at least move it to a credit union.

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