The former Federal Reserve trader noted that there are chances that the global economy may face a counterattack financially because of the use of the financial system against enemies.
Today is the 13th day of the Russia vs Ukraine fight. To slow down the efforts of the Russian military against the invasions on Ukraine, the majority of the global powers like the US & EU imposed financial restrictions. Few countries seized the funds of the Russian Central Bank. These efforts by other countries in favour of Ukraine are trying to stop the war efforts between these two countries.
On 7 March, Joseph Wang, a former Federal Reserve trader, shared his stance on these ongoing activities against Russia, where countries are using the financial & banking system as a tool against their enemies.
Joseph claimed that such actions to use the Banking system as a weapon may impact the sustainable financial ecosystem badly.
“This regime change can force a wild scramble into stores of value outside of the banking system including gold, real estate, and even crypto.”
So Joseph believes that situation may bring a threat not only to the traditional financial system ( gold & banking system) but also to the crypto market.
This statement of Joseph can be proved 100% through the recent protests activities in Canada, where government agencies froze the bank accounts of many people and also restricted banking services, to stop the funding to Protesters under the Convoy freedom campaign.
But protesters shifted to the self-custodial crypto wallets to receive donations and funding from the people.
After the Canada incident with the Convoy freedom campaign, many people from crypto and non-crypto Industry talked about the potential of crypto & blockchain technology and confirmed that the world needed this crypto Industry as a decentralized financial system and also criticized the dominant traditional financial services, which are fully Centralized.
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