Scott Melker Explains The Money In Banks Are Not Yours. Bitcoin Is

It’s been just revealed that the geopolitical tensions involving Russia and Ukraine and getting heavier and this can be seen reflected in the markets as well.

Now, Scott Melker had something interesting to say about Bitcoin vs fiat based on what’s been going on in the world.

Money in the bank is not really yours.

If ever there was a clear case for buying #Bitcoin, this is it.https://t.co/3LtoD02UBa

— The Wolf Of All Streets (@scottmelker) February 24, 2022

Cointelegraph just noted that in the event of harsh Western sanctions as Russian forces invade Ukraine, retail customers could risk losing their savings.

Someone said: “Even more so, during past banking failure legal arguments have been made that a bank depositor is an unsecured creditor. Yep. It puts you last in line for any payout behind all secured creditors.”

It’s been revealed that Russian’s savings could be confiscated in response to sanctions against the country, according to Nikolai Arefiev, a member of the country’s Communist Party and vice-chairman of the Duma’s committee on economic policy.

The online publication the Daily Hodl notes that the Russian government can potentially seize about 60 trillion rubles ($750 billion) worth of people’s deposits should Western nations decide to block all of Russia’s foreign funds, Arefiev said in an interview with the local news agency News.ru on Monday.

“If all the foreign funds are blocked, the government will have no other choice but to seize all the deposits of the population, or 60 trillion rubles in order to solve the situation.”

This is what the official stated, and it’s also important to note the fact that Russia stores over $640 billion of gold and foreign exchange reserves abroad.

It’s also important that he mentioned that potential sanctions against Russia include a possible disconnection from SWIFT and foreign exchange prohibitions.

We suggest that you check out the original article in order to learn more details about this.