Bitcoin and Capital Controls

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Capital controls are coming…and they’re coming fast. With the recent announcement coming from Greece that Greek municipal governments are required to transfer their reserves to the country’s central bank, the writing is on the wall. The central bank wants the country’s money in it’s centralized coffers, but why?

Why do governments seek to control the funds of their country? Wouldn’t reserves be better suited for utilization by the private sector? Well, of course the private sector would more efficiently allocate capital, however, the story changes when your country owes the IMF, Troika, and ECB…or whomever, trillions upon trillions of dollars. When desperation sets in, governments steal.

The impact on the populace is that their hard earned savings is confiscated to pay for governmental indiscretion. Your leaders messed up, now you have to pay for it.

Here is where digital currencies, specifically Bitcoin, can help. Bitcoin is managed outside the banking system within the blockchain. It cannot be confiscated and transfers cannot be restricted…so long as the internet “stays on”. Bitcoin gives users flexibility to make borderless transfers and payments that cannot be infringed upon by the powers that be.

The key takeaway here? Diversify your cash assets across dollars, precious metals, and Bitcoin. At the end of the day, the government will come after each of the aforementioned assets, nonetheless, by having a multi headed hydra approach you can better mitigate the risk of the government’s greedy hands.

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