Taliban’s takeover of major cities in Afghanistan caused that country’s citizens to scramble for cash, which as per some backers of cryptocurrencies is an indicator for the need for more decentralized money.
What Happened: As panic set in, Afghans crowded banks trying to access their savings, as per a BBC report.
Afghan filmmaker Sahraa Karimi shared a video of her trip to a bank as the radical Islamist militia the
Karimi’s trip to the bank was futile as it was closed and being evacuated. The chaos in the Afghan capital has not gone unnoticed by cryptocurrency commentators who pointed to certain advantages Bitcoin has in such dire times. Line of people to withdraw money from bank in Afghanistan. Hard earned money is at risk, use of unconfiscatable, borderless money would have solved this issue. Use #bitcoin. pic.twitter.com/2aqMlrKYmL Indian financial journalist Sucheta Dalal noted that people of means would have left after having their funds transferred from Afghanistan in such circumstances. heartbreaking!! All the privileged people would have left long ago with their funds transferred. https://t.co/5zv0g43EZy Why It Matters: Not only did some people note the fact that Bitcoin or cryptocurrencies would have made it difficult to confiscate wealth and to keep it safe but the whole situation could have been avoided had the world adopted decentralized money. Our government has stolen trillions in value from us to fund a war that did nothing but bring death and destruction to millions.#Bitcoin can't come fast enough. It is notable that Bitcoin and other cryptocurrencies can be stored on tiny USB thumb drive sized hardware wallets or on online wallets. A user only needs to remember the corresponding passphrase or key to have access to funds. Some Twitter users noted that aspect of the cryptocurrency in their posts. How much family wealth is being confiscated in Afghanistan right now? Imagine if the people rushing to leave could leave the country with their life's monetary energy stored in their head. #Bitcoin is hope. #Bitcoin is savings. #Bitcoin is not force projection. Imagine trying to flee Afghanistan and all you have are heavy gold bars. You either climb without the bars or get left behind. And most likely you won't get past the metal detectors#Bitcoin fixes this@danheld @RaoulGMI @PeterSchiff pic.twitter.com/7qMiBVRh08 Price Action: Bitcoin traded 1.72% higher at $47,300.06 over 24 hours at press time.
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