Canadians Withdraw Massive Sums of Money from Banks

Canadians are defending their economic independence. Canadians have begun withdrawing all of their money from bank accounts in a pre-planned action. This seems to be an understandable response to the circumstances; the government has threatened to freeze bank accounts without a judicial order.

Individuals withdrawing large sums of money said that they were attempting to evade a probable government move mentioned in recent days by Canada’s Prime Minister, Justin Trudeau.

James Melville, a British economic writer, discovered the money transfer. He shared a graph on his Twitter page depicting the large amount of money removed from Canadian banks.

Canada is now undergoing a series of demonstrations against the mandated COVID-19 vaccination programme. Additionally, citizens make social and economic demands.

The demonstrations reached a zenith a few days ago. Trudeau and other authorities have indicated that they may freeze the bank accounts of those who hinder traffic.

This is not, however, the most concerning aspect. Worse, inmates will be added to a’misconduct’ file. Once on it, individuals will be prohibited from certain forms of work and will be labelled ‘terrorists.’ This unexpectedly situates Canada in area where the notion of democracy seems to be under attack.

Bitcoin as an option for Canadians?

According to social media posts, a significant number of Canadians are swapping their currency for Bitcoin. They believe this will safeguard them from the authorities freezing their accounts. This is an extraordinary use for Bitcoin, according to one of its most valuable characteristics: it cannot be seized.

Bitcoin is a strong financial instrument that enables genuine individual economic sovereignty due to its design and function, since no government, business, or organisation can control or centralise its operation.

Acquiring 51% of the Bitcoin network is quite difficult. And therein lays one of the most valuable safeguards for the most transformative virtual asset in human history. That is why the expression “Bitcoin will solve this” is often used in the sector. It is a word that aims to represent the cryptocurrency’s many usage cases.

Canada has a reasonably stable economy and a population that does not need the use of cryptocurrencies to combat inflationary trends, as is the case in Latin America. However, if an individual financial blockade occurs, it will be Bitcoin and other cryptocurrencies that provide a viable way for circumventing it.

However, is it worthwhile to inquire if the Trudeau administration will let it? Or will they immediately pass legislation prohibiting the usage of cryptocurrency in the country? BeInCrypto will constantly monitor developments.

Also Read: Bitcoin’s 30-Day Price Performance Outperforms The Top Six Technology Stocks