What We Know About Yellow Vests’ Bank Run and How Crypto Could Help It

What We Know About Yellow Vests’ Bank Run and How Crypto Could Help It

Cointelegraph  | Jan 11, 2019 08:21PM ET

What We Know About Yellow Vests’ Bank Run and How Crypto Could Help It

On Jan. 7, activists of the French grassroots political movement the Gilets Jaunes — Yellow Vests — announced a bank run via social media, essentially hoping to meet their goals by destabilizing the local financial system.

Dubbed the “Collectors’ Referendum,” the movement’s latest demonstration calls on supporters to withdraw their savings from financial institutions on Saturday, Jan. 12. While the political action does not mention cryptocurrencies, it seems that such a run on the banks could hypothetically affect the crypto market — and vice versa.

A bank run entails a lot of people withdrawing their money from a given bank. It normally happens when investors start to feel that their bank may cease to operate in the near future.

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