Pompliano Says Bitcoin Becoming Global Resercountsve Currency Before Our Eyes As BBVA Blocks Thousands of Bank Accounts:

BBVA, Spain’s second largest bank, sparked protests in Madrid following the bank’s decision to block thousands of accounts belonging to Chinese nationals. The protestors claim the bank blocked their accounts based on money laundering regulations.

According to a report by Reuters, Yunajie Chen, an accountant who has been a BBVA client for over six years says,

“We gathered here to demand equality because we are ordinary citizens. I work in a consultancy office and I don’t have suspicious transactions.”

The Chinese Association in Spain (ACHE) reports that 4,000 to 5,000 people have had their accounts blocked by BBVA.

On Friday Chinese protestors carried signs outside of BBVA’s main branch in Madrid, accusing banking officials of cutting off their salaries and making it impossible for mothers to feed their children.

Despite a recent report issued by Spain’s central bank Banco de España (BDE) stating that Bitcoin is an inefficient payment network, crypto fund managers say Bitcoin is proving itself to be an attractive asset as a global reserve currency.

Brian Kelly, founder and CEO of BKCM, a digital currency investment firm, says geopolitical tensions will continue to shine a light on Bitcoin. Speaking to Cointelegraph Kelly says,

“In 2019, if I’m looking at it, the focus will be on the currency – Bitcoin, Litecoin, some of those – because we have quite a bit of geopolitical tension in the world.”

He adds,

“We’re starting to see some global macro players use Bitcoin as an alternative to their gold position or as a way to hedge against fiat currency fluctuations and volatility.”

Anthony Pompliano, founder and partner at Morgan Creek Digital, an investment firm focused on blockchain tech and digital assets for institutional clients, says Bitcoin is on the road to becoming the global reserve currency.

“Sovereign nations are already settling transactions in Bitcoin. Don’t blink. Bitcoin is becoming the global reserve currency right before our eyes.”

Its rise is expected to follow the increasing weaponization of fiat currencies, either through government sanctions or overreaching banks that unilaterally decide to pull the plug on their customers – whenever they see fit.

Pompliano says financial institutions will inadvertently encourage Bitcoin adoption.

Advertisements

About Howard Mahere

I'm a Bitcoin/Cryptocurrency enthusiast ; motivator; author of "AN IMMIGRANT WITH A PLAN" and a John C Maxwell certified speaker . Happily married to Emely and a father to one son and two daughters. My greatest joy comes from inspiring others to maximize their potential. I feel fulfilled when I bring hope to the hopeless and encouragement to the discouraged. The truth is, we each have a past, and it's either our prison, our excuse OR our springboard to a brighter future. The choice is yours but as for me, I made up my mind a long time ago to use my dysfunctional tough childhood as a stepping stone . The late Zig Ziglar used to say "It's not what happens to you that determines how far you will go in life, it is how you handle what happens to you." This is my story and I am sticking to it!
This entry was posted in Uncategorized. Bookmark the permalink.

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google photo

You are commenting using your Google account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s