Hong Kong protesters reportedly tried the tactic in their latest effort to stop what they see as unfair practices of their government.
A prominent leader of the protesters called for a run on the banks, urging people to drain their accounts. The call was music to the ears of bitcoin enthusiasts, many of whom lit up Twitter with their reactions.
The Hong Kong protests have been raging – mostly peacefully, until recently – for more than four months. They kicked off after Hong Kong officials announced a plan to allow those who were accused of a crime to be extradited to mainland China for trial. People worried that the city’s judicial independence could be further eroded if such a plan goes into effect.
The plan has been tabled, but the protests have continued. Many remain enraged over the political environment. They’ve hit the streets and last weekend, they even shut down the city’s airport in protest.
Pro-independence political activist Chen Haotian this week called for the bank run. Previous showdowns between protesters and police resulted in several injuries.
By pulling deposits from banks, one thought is that the People’s Bank of China’s influence on the Hong Kong economy could be reduced. Those who support the bank runs presumably think they can trigger an economic crisis.
Enter bitcoin enthusiasts, many of whom cheered for the bank run proposal. The logic was people would put their money in bitcoin.
No matter, the turmoil in Hong Kong now is causing flashbacks to Tiananmen Square. Showing some couth now could be best.
For both the protesters and bitcoin folks, the bank run strategy proved fruitless.
Hong Kong activists did not withdraw their deposits en masse, and the bitcoin price did not move higher.
Last modified: August 18, 2019 08:22 UTC