On 7. January, announced the activists of the French base of the political movements, Gilets Jaunes — Yellow West — through the Social media, a Bank of storm, hoping to reach their goals through a destabilisation of the local financial system. the

In the recent Demonstration, the movement will be prompted by the trailer, your savings on Saturday, the 12th. January, by the financial institutions to withdraw. Although the political actions of crypto-currencies, not to mention, it seems that such a Bank run might have hypothetically on the crypto market, and Vice versa.

What is a Bank storm

In the case of a Bank run, many people your money from a specific Bank. This is usually the case when investors have the feeling that your Bank is established in the near future their activity.

as a Consequence, a banking system with top-of-the reserves — in which banks keep a portion of their assets locally, in the rule, at least a fraction of their Deposit liabilities in question, while the people are opting for other assets, for example, for Fiat: bonds, precious metals or theoretically, crypto-currencies, because of their decentralized structure can ensure greater independence of financial institutions.

It was in the course of history, many Bank towers, during the world economic crisis and the financial crisis of 2007/08. According to academic studies, the Bank towers, these, however, tend to panic and rumors among the depositors as on a voluntary Basis, which complicates the assessment of the potential effectiveness of the Plan of the yellow West.

Short introduction to the movement of the yellow West, and of their Plan of a Bank tower

the movement of The Yellow vests began in November 2018, as various Posts in the social media, the blocking of roads proposed, and yellow, easy to see the West as a Symbol of solidarity and support of the Name) used (therefore. It mass was followed by protests on the French mainland, the immediate cause of the French President, Emmanuel Macron introduced CO2 taxes on petrol and Diesel. Consequently, the activists of lower fuel taxes, which demanded the re-introduction of the solidarity tax on wealth, a higher minimum wage and Macrons resignation.

another crucial point for the movement of the yellow West, the Référendum d’initiative Citoyenne (citizens’initiative-Referendum – RIC), the proposal for a referendum, in which citizens propose legislation and repeal it, change the Constitution or an elected representative removed from office. In Essence, it is a Form of direct democracy, the workers is similar to that in Switzerland.

Over a few weeks, the protesters prompted the French government, their plans for the fuel tax and to pause the increase in the electricity tariffs. In addition, Macron has introduced since then, further measures for the restoration of peace: a minimum wage increase, a turnaround for a proposed tax increase for low-income pensioners, as well as tax-free Overtime and end of year bonuses. Nevertheless, the protests are still on-going. The recent demonstration series with the title of “act VIII” on 5. January more clashes on the streets of France.

“Act IX” is set for next Saturday, the 12. January, planned. According to some posts in the social media, it is accompanied by a Bank run, which is performed in addition to traditional demonstrations. In a Video, the 7. January, was uploaded on Facebook, says an activist named Tahz San:

“For act IX, we’ll get that state legally, and without violence […] by the Référendum of the percepteurs. […] We all know that the Power of a country lies not in the hands of the government, but in the banks When the banks are weakened, it is immediately weakened the state. […] On Saturday at 8 p.m. we will vote all, by withdrawing our money […] to us, the RIC is not imposed.”

It does not matter which sum is to be withdrawn, and it is recommended to place the money in either a local shop or”like our grandparents under mattresses,” says San. In the case of the failure of this manoeuvre is to be reproduced in the next month.

The same idea was soon expressed by Maxime Nicolle, also known as “Fly Rider”, a popular spokesman for the grassroots movement. “A lot of people will pull their money from banks. Many, many, many,” he said, as he discussed in a Live broadcast on Facebook, the so-called “Tax Collectors’ Referendum “. “We will get our bread back. […] They deserve our dough is money, and we are tired of it.” The Video has been viewed around 1 Million times.

Therefore, the advocates of the Bank tower in the hope that they will force the French government to their demands without violence. In other words, the Referendum, the tax collector could be compared with the recent Proof-of-Keys-event organised by the entrepreneur, Trace Mayer, among members of the Crypto Community. The event, which falls the same with the 10-year anniversary of the Bitcoin Genesis block together, had the objective to motivate the users of Bitcoin all at the trusted third party Coins to withdraw, and to gain control over your private keys.

How popular is Bitcoin in France?

The extent to which the protesters crypto-currencies seem to support, was not measured. However, some photographs of alleged protesters, wearing a yellow vest and on the back of “buy bitcoin” (buying Bitcoin) has become, under crypto-oriented Blogs go viral. In addition, similar to the West, are currently sold in Amazon.

image source: Twitter, @ydemombynes

on The ten-year anniversary of the Bitcoin Genesis block, the French Graffiti artist Pascal was Boyart his wall paintings with the title “La liberté guidant le peuple 2019”, the on Eugene Delacroix’s famous painting of the French Revolution based, and people in yellow vests. According to the Boyart he hid in this picture BTC to a value of more than EUR 850. The Wallet address for the prize is open to the public. The trader Alistair Milne encourages the Bitcoin donate users, for the project to increase the size of the treasure.

image source: www.pboy-art.com

however, There are clearer Anzeichen for Bitcoin in France, is generally accepted. In November 2018, the local tobacco Association (Fédération des Buralistes) received the approval to sell from January 2019 Bitcoins (BTC) in tobacco shops.

sell In a Deal with the French-based provider of crypto-Wallets KeplerK around 4,000 small business Bitcoin vouchers in denominations of 50, 100 and 250 Euro, will be able to exchange the customers when you Open a Wallet on the KeplerK Website against crypto-currency.

In response to the news about the crypto-friendly license, warned the French stock exchange Supervisory authority, the Autorité des marchés financiers, together with the Central Bank of the country and of the French Supervisory and resolution authority (ACPR), a warning about the “speculative” risks related to crypto-Assets.

interesting insisted way a private French radio network Europe 1, that the ACPR had “no other choice”, as the sales to agree to, since the speed of the crypto-currency in the awareness of the Mainstream customer is incorporated is increased. Despite the uncertainty, several tobacco shops have started in Paris that was supposedly to sell Bitcoin for Fiat.

Overall, transmitted by France on the state level, with mixed news for crypto currency and especially international regulation, calling for efforts. On the other side of the head of the working group has argued for crypto currency the French government, Jean-Pierre Landau, that over-regulation would mean a “three-part danger”.

“The risk is divided in three parts: The fast development of the technology through legislation, not to freeze, to capture the actual nature of the us regulatory object, and to push Innovation in the direction of the avoidance of regulations. On the contrary, regulation techno-logically should be neutral, and this should be addressed to the actors and not the products themselves.”

Is chosen, the Bank’s storms of success? And what does this mean for crypto?

As the French magazine Capital, could break the potentially disruptive Element of the forthcoming Bank tower considerably, If banks ‘ costs because of their inability, the operation is likely to fail, the entire sector completely. It underlines the voluntary character of the Bank tower of the yellow West, and indicates that the turnout is likely to be large enough to create a crisis.

Capital also indicates that the average amount of daily deducted in France, amounts to 342 million euros, while at the 8. December marched around 126,000 people in France to support the Yellow jackets. As a result, at least 100,000 would have to withdraw from them around 3,400 euros, in order to achieve such a lot. In addition, there is for debit cards for regular users daily withdrawal limits of between 300 and 500 Euro, which would make the whole process more complicated.

Christopher Dembik, head of macroeconomic research at Saxo Bank, seems to be also skeptical whether the movement can bring the banking system to the case. He told Capital:

“The Trigger of a Bank tower requires large queues at the counters. I am of the opinion that the strike strength of the yellow West is too weak to destabilize the sector itself on the edge.”

In November 2018, will have France’s banks, according to the European Central Bank, a Reserve of 449,7 billion euros, which are overnight for the deduction.

Nevertheless, have contributed to the Fiat-Bank towers earlier to the attractiveness of Bitcoin. The financial crisis in Cyprus in the year 2013 seemed to be the price of the Cryptocurrency to raise.

According to the report, the biggest French Bank, BNP Paribas, could be the impact of the movement of the yellow West, the French economy considerably, but only temporarily. The Banque de France has estimated that the impact on the economy would reduce growth in France in the fourth quarter of 2018, due to the crisis, with the yellow vests of the expected 0.4 per cent to 0.2 per cent.

so, One can only speculate what the impact of a French Bank could have a storm on the crypto market, and whether crypto-currencies could streamline the Protest. For example, Max Keiser, host of RT believes show “Keiser Report”:

RELATED ARTICLESMORE FROM AUTHOR