Will Latest Bans on Cash and Capital Controls Grow Bitcoin?
The groomed, nurtured and thoroughly manufactured "War on terror" is just about ready to claim another casualty if you live in modern Westernized society. It used to be just a tool of oppression in the U. S., but now statists around the world are using "terrorism" as a catchphrase to rule with an iron hand. Now that every modern government in the industrialized world has a new "Boogie Man" to hide behind, no good crisis shall go to waste. And really the statists don't even bother with creating the Hegelian Dialectic anymore. Now a nation-state can create a press release, say "Terrorism",....
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Paper currency, or cash, is a fairly recent man-made, really a bank made, concept. As I've covered previously, paper money is a convenience of a modern society, but many things have acted as money throughout history. Throughout most of history, outright bartering of goods and services was the way of the world. We've used feathers, gold, beads, "tally sticks", coins, and now paper currency to transmit value from one person to another. And much like the newspaper has been replaced by the Internet version of your newspaper, paper money is getting sent to Evolution's Scrap Yard, courtesy of....
The overnight implementation of capital controls in Greece, as the government looks set to default on its IMF loan repayment, has led citizens to explore other methods for moving their savings out of the country. The Greek government announced on June 28 that banks in the Mediterranean country would remain closed for the next week. The government also imposed capital controls to prevent the flight of money internationally. Let’s look at some of the ways Greeks may be able to exchange their funds for bitcoin, before the expected default on the repayment of the IMF loan on June 30. The BBC....
The price of bitcoin continues to rise, led primarily by the exchanges in China, which have, oftentimes, been trading at a premium of $10/BTC higher than the other major exchanges around the world. With China driving such an increase in the bitcoin price, many have been speculating that it could be driven by capital controls. In China, the law stipulates that individuals cannot send more than the equivalent of $50,000 out of the country in a year. To get around this, individuals have hired smugglers to get cash out of the country, bought extremely expensive real estate in cities like New....
The price of Bitcoin in China went past $990 this afternoon, as Chinese investors continued to push high volumes in local exchanges. Most investors at this time of the year are hoping to evade capital controls and circumnavigate cash restrictions, as noted by Holger Zschaepitz, financial author and editor of Welt. Further yuan devaluation and tightening of capital controls. Analysts revealed that Bitcoin hit record high volumes this past week, which ultimately led to its price rally and pushed the price of Bitcoin to increase by over 20 percent. Zero Hedge suggested that Chinese investors....
Assuming there is any truth to these rather optimistic claims, the next step will come in the form of the ECB giving Greek banks access to cheap funding. In an incredibly surprising turn of events, it looks as if Greece is getting ready to lift capital controls but the end of the year.After facing an economic disaster not too long ago, the country has tried to recover. For some unknown reason, things seem to be going a lot better than most people expected. Many people have been following the news about Greece and feared the situation in the country would only become worse over time.....