DayOfCrypto
  • Home
No Result
View All Result
DayOfCrypto
No Result
View All Result
DayOfCrypto
Home Other
chilean-atms-reportedly-locked-as-state-of-emergency-declared-—-this-is-why-bitcoin

Chilean ATMs Reportedly Locked As State of Emergency Declared — This Is Why Bitcoin

by Admin
October 22, 2019
in Other
277 15
0
Share on FacebookShare on Twitter

There have been reports of some banking users in Chile being unable to withdraw funds. As unrest in the country continues to spiral out of control, the case for Bitcoin becomes all the more clear.

One of the main arguments in favor of Bitcoin, and cryptocurrencies, in general, is that they allow users to ‘be their own bank.’ In fact, there seems to be a direct relationship between ATMs being locked and spikes in Bitcoin trading volume.

As BeInCrypto previously reported, the highest trading volume ever reported in Hong Kong on LocalBitcoins happened last month amid the riots. Hong Kong citizens have been struggling to take out cash as the Chinese state tightens its grip on the city’s payment infrastructure.

A similar situation could now be playing out in Chile, and if we are to take lessons from Hong Kong, a significant spike in Bitcoin interest may be coming as well.

Chile Goes Dark Amid Government Crackdown

One user on Twitter is reporting that the situation is intensifying in the streets. Military units have been killing protestors outright, and many supermarkets are empty with major shortages of foodstuffs. ATMs have also reportedly been locked.

The Chilean government is murdering innocent people on the streets, i have a friend in Chile. She said she has no access to money and they’ve closed all of the supermarkets, Atms are locked. This is who we are up against. People are getting mass murdered by the government. pic.twitter.com/XGuIDUFm8D

— [₿]Sam (@PumpkinToshi) October 21, 2019

If we are to learn any lessons from Hong Kong’s recent rebellion, it’s that cryptocurrencies and fights against government crackdowns are a natural fit. Bitcoin trading volume seems to balloon when people lose the ability to freely use their own money.

A Possible Bitcoin Trading Spike May Be Coming

As of now, the weekly trading volume reported on LocalBitcoins seems to be consistently high, but we will have to wait until the forthcoming week to draw any conclusions. A significant spike this week would further legitimize the idea that Bitcoin and cryptocurrencies can serve as a possible hedge against government crackdowns.

Control of one’s own money seems to be growing ever more important in a world where states are intent on monitoring and limiting the spending power of its citizens.

The Chilean story is a tragic one, and with the chaos continuing to spiral out of control, this could prove to be a tipping point for the country. It’s unclear whether the current state of emergency will spread to banking controls, but if we are to take lessons from Hong Kong, it does not seem out of the realm of possibility.

Do you think that the unrest in Chile will lead to a spike in Bitcoin as a means to ‘be your own bank’? Let us know your thoughts in the comments below.


Images courtesy of Shutterstock, Twitter, LocalBitcoins.

The post Chilean ATMs Reportedly Locked As State of Emergency Declared — This Is Why Bitcoin appeared first on BeInCrypto.

Admin

About Us

We bring you the best Premium WordPress Themes that perfect for news, magazine, personal blog, etc. Check our landing page for details.

Follow Us

Popular Tag

Adoption Banks Binance Binance Coin Bitcoin Bitcoin Cash Bitcoin Price Bitcoin Regulation Bitcoin SV Blockchain Central Bank China Coinbase Crimes Cryptocurrencies Cryptocurrency Exchange EOS Ethereum Ethereum Price Facebook Germany Government Investments Japan Law Libra Litecoin Markets Market Update Mining Payments Regulation Ripple SEC Security South Korea Stablecoin Stellar Switzerland Tokens Tradings Transactions USA Wallet XRP

Recent News

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

Poloniex Review – Buy and sell cryptocurrencies, Bitcoin, Registration, Safety, Reference

November 8, 2020
Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

Bitstamp Review – Buy and sell Bitcoin and cryptocurrencies, Registration, Safety, Reference

November 8, 2020
  • About
  • Advertise
  • Privacy & Policy
  • Contact

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

No Result
View All Result
  • Home

© 2021 JNews - Premium WordPress news & magazine theme by Jegtheme.

Welcome Back!

Login to your account below

Forgotten Password?

Create New Account!

Fill the forms below to register

All fields are required. Log In

Retrieve your password

Please enter your username or email address to reset your password.

Log In
Go to mobile version
Skip to toolbar
  • About WordPress
    • WordPress.org
    • Documentation
    • Support
    • Feedback
  • Log In
  • AMP
    • View AMP version