How the Protests in Europe can Shake Up Crypto Markets
The populist Yellow Vest protests that began in Paris roughly a month ago, have spread to other European cities. The protests have been violent at times and are focusing on fighting the establishment, cronyism and high taxes. Clashes between police and protesters have already claimed 8 lives in December. So far it seems that despite winding down a bit, the protests are far from over.
Recent Developments in Paris
A public Facebook event shows that nearly 4,000 individuals have taken interest in taking part at a yellow vest protest aimed at the Rothschild Bank of Lyon. This is due to the French governmentâs financial policy of taking loans from that bank. The protesters are far from pleased with the lack of transparency in the French government & banking system. As part of their protest, protesters are threatening to withdraw all their funds from their bank accounts, a move which could spell trouble for the Euro.
A protester seen in Paris
Yellow Vests in London
London of course has its own branch of the Yellow Vest protests, but unlike their French variant puts a heavy emphasis on Brexit. That being of course Britainâs departure from the European Union. The head of the British Yellow Vest protest, James Dillard, had has his Facebook and Paypal accounts banned. By having his Paypal account banned, donations are near impossible.
What Happens Now?
Seeing that the French protests are protesting non-transparent and shady deals between the government and financial sector and the British protests are getting their funding closed, cryptocurrencies might be the answer to both.
Seeing that Bitcoinâs 1st mainstream adoption case was when Wikileaks began accepting it as a form of donation due to credit card restrictions, it looks like the Yellow Vests in London might need to adopt it as well. This is something that could possibly further expand the common usage of cryptocurrencies. One could also possibly see calls from the French to adopt cryptocurrencies or blockchain as their current criticism is lack of transparency. It is also worth noting that if the Euro plunges, Bitcoin might rise.
Crises tend to boost the popularity of Bitcoin & cryptocurrencies. One can see the correlation of the Cyprus 2013 financial crisis & a boost in the price of Bitcoin.
Written by Jonathan Ganor
Writer & cryptocurrency aficionado