There are protests happening all around the world against the government due to strict policies related to finance. Recently, the people in Hong Kong and India are protesting against the government due to their policies. Anthony Pompliano said bitcoin is very important in this era especially for 1 billion people in India.
Anthony Pompliano Statement
The co-founder of Morgan Creek Digital Assets Anthony Pompliano said in a recent interview that it is the need of the hour to adopt bitcoin as people want their assets to remain untouched by any third party. And they want to get rid of third parties and don’t want to be snatched by the government.
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Pompliano said when emphasizing the need of bitcoin:
I ultimately believe that people are going to opt for something that is not manipulatable, is not seizable, is not censorable, not debasable, etc. And so I think people are going to continue – slow at first – but over time, more and more people will choose a currency that government does not control.
He further said:
If you’re in a country where there’s hyperinflation, now the inability of someone to debase that currency becomes very attractive. And so it just brings different value to different groups of people.
Bitcoin is different things to different people.
When you’re worried about your assets being seized or becoming inaccessible to you, Bitcoin’s non-seizability becomes very attractive.
This aspect of Bitcoin just became important for 1+ billion people in India & Hong Kong. pic.twitter.com/nLLaUlRpBz
— Pomp 🌪 (@APompliano) October 6, 2019
Hong Kong Protests
The protests in Hong Kong are ongoing from some months as people are striking against government policies. It is reported that almost $4 billion has been transferred from Hong Kong to Singapore. All the ATM machines are running out of cash or affected by dysfunctions.
Due to these strict conditions for investors, people are enchanting towards bitcoin and the trading of BTC last week has recorded peak. The trading volume has crossed past values and more people are attracted to crypto.
Critical Conditions in India
A similar condition is overwhelming in India and people protested at the front of RBI bank of the state to claim their money back. The Punjab Mumbai Co-operative bank is considered as the top bank in India. It is said that it is near-collapse because the Central bank of India monitored it. The PMC has given two-thirds of the loan to the borrower who has gone bankrupt; this leads to the near-collapse of the bank.
Like Demonetization, few in BJP knew beforehand about the closure of PMC bank!
FDs worth 16 Crores broken few days before RBI announcement, while common men lost all their saved money. pic.twitter.com/IJqPKE7DyW
— Kapil (@kapsology) October 2, 2019
It is reported that customers of the bank will be able to withdraw a maximum of 10,000 rupees for the next six months which leads to the disturbance in the country.
The RBI has barred the bank from renewing or granting any loans or making investments without prior approval of the central bank, while depositors have been informed they can only withdraw a maximum of 10,000 rupees ($140) from their PMC accounts over the next six months.