The second largest bank in Spain – BBVA – recently sparked protests in Madrid after the bank made a decision to lock a lot of people out of their fun. BBVA recently blocked thousands of accounts owned by Chinese nationals. According to the protestors, their accounts were blocked by the bank due to money laundering regulations.
As per a report by Reuters, an accountant – Yunajie Chen – who has been banking with the bank for more than six years now said: “We gathered here to demand quality because we are ordinary citizens. I work in a consultancy office and I do not have suspicious transactions.”
ACHE – the Chinese Association in Spain – said that the banks had blocked the accounts of 4,000 to 5,000 people. On the 15th of this month, Chinese protestors carried signs outside of the main branch of the bank in Madrid, accusing the bank of making it impossible for them to feed their children, cutting off their salaries, and making life difficult for them.
Bitcoin (BTC) Is Becoming Global Reserve Currency
Irrespective of the recent report released by the central banks of Spain – Banco de Espana (BDE), stating that Bitcoin (BTC) is not an efficient settlement network, digital currency fund managers say Bitcoin (BTC) is continually proving itself to be an attractive asset as a global reserve currency.
The founder and CEO of a digital currency investment company, BKCM – Brian Kelly – said that geopolitical tensions will never stop shining a light on Bitcoin (BTC). In an interview with Cointelegraph, the CEO said: “In 2019, if I am looking at it, the focus will be on the digital currency – Bitcoin (BTC), Litecoin (LTC), some of those, because we have quite a bit of geopolitical tension in the world.”
He further added: “We are beginning to see some global macro players use Bitcoin (BTC) as an alternative to their gold position or as a way to hedge against the volatility and fluctuations of fiat currencies.”
Bitcoin (BTC) is on its way to becoming the global reserve currency, says Anthony Pompliano. Pompliano is a partner and founder at Morgan Creek Digital – an investment company that is focused on digital assets and blockchain technology for institutional clients.
In a statement, Pompliano said: “Sovereign nations are already settling transactions in Bitcoin (BTC). Don’t blink. Bitcoin (BTC) is becoming the global reserve currency right before our eyes.”
Financial Institutions Will Encourage the Adoption of Bitcoin (BTC)
The rise of the digital currency is expected to accompany the increasing weaponization of fiat currencies, either via overreaching banks that unilaterally decide to adopt it for their customers or government sanctions. Financial institutions will unavoidably encourage the adoption of Bitcoin (BTC).
In a tweet, Pomp says: “The Spanish bank BBVA has frozen the bank accounts of hundreds of Chinese without warning. The Legacy financial institutions are doing more to help the adoption of Bitcoin (BTC) than they realize.”
According to reports, BBVA has refused to comment on specific cases but says it doesn’t discriminate against its clients.
Bitcoin (BTC) Price Today – BTC / USD
Bitcoin (BTC) is currently worth $3,825 after an increase of about 3 percent over the past day. The digital currency currently has a market cap of $65.45 billion and its trading volume over the past day is $3.54 billion.