RE: If there was a coordinated run on the Banks to crash the Banking System, what would happen to the price of Bitcoin? Twitter Poll.
I assume this would be in Europe first.
Initially the price of Bitcoin would go down as people scrambled for any kind of liquidity to convert to cash or buy tangible items.
After the initial rush on the banks, a banking holiday would be declared thus stopping the withdrawals as the banking system contemplates it's next move.
As stated previously, the banking system could reopen by curtailing withdrawals.
After that it gets really interesting as the riots take on more fervor.
Some people will get into Bitcoin because it can be used to buy things and others will go to Bitcoin as a liquid asset and a store of value (instead of carrying large amounts of cash).
Thus the price of Bitcoin (priced in euros) will be much higher until the crisis is resolved.
If the crisis is resolved, then there will be more people in cryptocurrencies than before the crisis.
While I do not think most people in Europe are prepared for the effects of a bank run. Seeing a full out bank run in Europe is not something I would like to see.
Have a great week!
Steem on,
Mike
Hi Mike.
It's always great to hear your views Mike.
There appears to be a lot of chattering on twitter about this and some are suggesting that protestors may already be thinking of such a move.
To coordinate a Bank run on a monumental scale big enough to disrupt the Banking System should not be rulled out and is one that I wouldn't be at all surprised to see materialize.
People have nothing to loose when they have been ripped off and lied too for so long.
The Governments and Banks have created this mess.
Cheers Mike.
Stephen
Stephen,
I agree with the concept.
If it happened here in the U.S., I think I am prepared.
If it does happen in Europe this weekend, then I hope the majority of the people are prepared for the consequences.
I will be watching to see what happens this Saturday. Please keep us informed with what you are seeing and hearing.
Steem on,
Mike