The year was 2013. The banking industry in Cyprus was on the verge of collapse. All banks were officially closed while authorities decided the best way to navigate through the crisis. When banks re-opened, not only were depositors severely limited in the amount of money they could withdraw from the bank, they were shocked to discover that the banking industry in the country had decided to do a “bail in,” whereby depositors’ money was used to rescue insolvent banks.
Image waking up one day and to your horror you learn that the bank in which you have your savings has decided to take 75% of your money!
How would you react?
Many, many people were absolutely outraged, and were determined to get their money out of the reach of the banks, and keep their savings in a form that wouldn’t be able to get claimed and used by the banks themselves.
Droves of people turned to Bitcoin for this purpose, and the price soared.
Since that fateful event 3 years ago, many other nations have adopted “bail in” laws, permitting banks to grab depositors’ money.
With the current global financial system again teetering on the edge – as it was in 2008 – it’s only a matter of time before the “bail in” strategy is used again.
When it is, you can be sure the same result will happen again: extreme anger and a flight to other forms of money that cannot be grabbed by the banks.
Get ready for the next Bitcoin price surge.