China Banking Run Could be a Blessing For Bitcoin

One of the reasons Bitcoin was envisaged was to provide freedom from the banking system, which is clearly in trouble. Banks literally hold their customers to ransom when services are pulled. This is exactly what is happening now in China as citizens rush to withdraw their savings.

China Bank Run Day Three

Banks are becoming the bane of people’s lives. Very few have good things to say about them these days as charges go up and service goes down. In Henan, China, savers have swarmed a rural bank for the third consecutive day in a rush to pull out their money.

According to the WSJ  the main branch of Henan Yichuan Rural Commercial Bank, just outside the city of Luoyang was swamped while banking executives attempted to quell the crowds with propaganda. The publicity stunt also included bank employees brandishing wads of cash before television cameras to demonstrate just how much cash, literally, the bank had. Bank managers have tried to convince customers not to withdraw by offering…