Many see Bitcoin as an alternative to fiat currencies, and some are advocating its use for the French public to get its desired outcome in the ongoing “Yellow Vest” protest.
Max Keiser, an American broadcaster who hosts Keiser Report, a financial program broadcast on Russian state media channel RT that features heterodox economics theories, says French protesters should consider using the Bitcoin as a tool for the protest, which will limit the amount of bloodshed.
Bitcoin- A Tool For Protest
“If every French person converted 20% of their bank deposits into #Bitcoin (and got a Bitcoin debit card to use for day-2-day stuff), French banks and the government would collapse and a lot of bloodsheds could be avoided,” he said through his Twitter account.
Paris has been in a state of chaos, going through the worst riots in over three decades. There was a video footage of yellow-vest wearing crowds, street brawls and police pelt with rocks as shops, cars, and city infrastructure is set on fire.
The protests report having been spark by a government tax hike on goods and services. France’s middle class could be facing the brunt of rising prices on necessities such as fuel and transportation. It, however, slashed the tax on Bitcoin earlier this year from 45 percent to 19 percent. It is currently considering a flat 30% tax on all cryptocurrency capital gains.
A few photos have surfaced online of protestors in Paris showing yellow vests with the words ‘Buy Bitcoin.’ This interest could mean some of the protesters might already be considering the possibility of ditching their country’s currency for the Bitcoin in the meantime.
Bitcoin for the future
However, bitcoin itself has experienced a turbulent 2018. The price has been dropping dramatically since the beginning of the year. It has lost more than two-thirds of its value. And many have also questioned the reliability of the currency to be a store of value due to the volatility.
Even though the price is volatile, the Bitcoin protocol is still familiar by many. Because a disruptive technology might realize its enormous potentials in the coming years.
Also, some people still believe Bitcoin, even though it seems like a get-rich-quick scheme. Now could become a tool for freeing humanity from the government, oligarchs, and tyrants.
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