France’s Yellow Vests Plan Bank Run to ‘Scare State Without Violence’

January 9, 2019
24 Views

Organizers of the “Collectors’ Referendum” expect it to be the “most effective” demonstration so far.

French grassroots political movement the Gilets Jaunes — Yellow Vests — is planning a bank run similar to Bitcoin’s (BTC) Proof of Keys, sources revealed on social media Jan. 7.

Dubbed the “Collectors’ Referendum,” the latest demonstration by the movement calls on supporters to withdraw all their savings and other deposited cash from financial institutions on Saturday.

Speaking in a video uploaded to Facebook, an activist known only as Tahz San said the gesture aimed to “scare this (French) state completely legally and without any violence, yet more effectively than ever expected” throughout the history of the Gilet Jaunes movement.

“It’s our elected officials’ worst nightmare,” he added.

As local magazine Capital notes, the potential disruptive element of the Referendum could technically be considerable. The eventual turnout, however, is likely to be low enough so as to not spark a crisis, it adds.

Nonetheless, those in Bitcoin circles will be drawing parallels between the Referendum and last week’s Proof of Keys event organized by a sole investor, entrepreneur Trace Mayer.

Timed to coincide with the tenth anniversary of the Bitcoin genesis block, Proof of Keys aimed to galvanize Bitcoin users to remove all coins stored with trusted third parties and take back control of their private keys.

Fiat bank runs have in turn contributed to the appeal of Bitcoin — at least psychologically — before, with Cyprus’ financial crisis in 2013 appearing to boost the price of the cryptocurrency.

You may be interested

Coinbase Acquires Blockchain-Tracking Startup Neutrino for Undisclosed Price
Crypto News
17 views
Crypto News
17 views

Coinbase Acquires Blockchain-Tracking Startup Neutrino for Undisclosed Price

btcethereumadmin - February 19, 2019

Coinbase has acquired blockchain analytics startup Neutrino as part of a wider push to offer more diverse crypto assets across…

Bitcoin Price Crosses Key Long-Term Hurdle For First Time in 9 Months
Bitcoin
19 views
Bitcoin
19 views

Bitcoin Price Crosses Key Long-Term Hurdle For First Time in 9 Months

btcethereumadmin - February 19, 2019

View: Bitcoin has passed through the 100-day moving average for the first time in 272 days. The primary lower-high trend…

Germany Seeking Industry Feedback for National Blockchain Strategy
Crypto News
13 views
Crypto News
13 views

Germany Seeking Industry Feedback for National Blockchain Strategy

btcethereumadmin - February 19, 2019

The German government is seeking industry feedback ahead of developing the country’s blockchain strategy by the summer. A Reuters report…

Leave a Comment

Your email address will not be published.