Open war on Bitcoin amidst Banking worries: watch today's video here for all details:
What happens when Banks go bust?
The historical incident of Cyprus: 2012–2013 Cypriot financial crisis
Banks in the small European nation of Cyprus go bust.
Cyprus had 2 main banks:
The Cyprus Popular Bank ('the Bad bank') was the second-largest banking group in Cyprus behind the Bank of Cyprus until it was 'shuttered' in March 2013 and split into two parts.
A one-time bank deposit levy on all uninsured deposits there. Anything over the insured 100k was simply taken away!
There also was a seizing of possibly around 48% of uninsured deposits in the Bank of Cyprus (the biggest one ie 'the Good bank') .
What happened to Bitcoin then?
It PUMPED for the first time to 1,200 (from around 100$ before the crisis). For reasons you probably understand,
Just sharing this fact with you.. hope you find it interesting.
I am just sharing a fact, everyone can take decisions for themselves.
Wish you all luck,
The FXPROFESSOR
PS. I happen to be from Cyprus.
Awesome place to live and economy has never been better here ever since our little 'Great Reset'.
Come visit me in Limassol sometime: www.celebritycruises...blog/limassol-cyprus
chatgpt on Cyprus haircut:
The Cyprus banking crisis occurred in 2013 and was a result of the country's banks investing heavily in Greek government bonds, which lost value during the European debt crisis. This led to a significant reduction in the banks' capital, making them vulnerable to collapse. The Cypriot government requested a bailout from the European Union (EU), which came with a condition of imposing a "haircut" on bank deposits.
The haircut, which was essentially a tax on deposits, was a measure designed to raise funds to stabilize the banks. Depositors with more than 100,000 euros in their accounts had to pay a percentage of their deposits to the government, while those with less than 100,000 euros were spared. This measure caused a lot of controversy and anger among the Cypriot people, as many felt that their hard-earned savings were being taken away without their consent.
The impact of the haircut on people's deposits was significant. Depositors with more than 100,000 euros lost a substantial portion of their savings, with some losing up to 60% of their deposits. This caused a great deal of uncertainty and anxiety among the Cypriot people, as well as a loss of trust in the banking system.
The Cyprus banking crisis and haircut had significant consequences for the country's economy. Many businesses and individuals suffered losses, and there was a decline in confidence in the financial system. The crisis also highlighted the interconnectedness of the European banking system and the need for greater regulation and oversight.
In conclusion, the Cyprus banking crisis and haircut had a significant impact on people's deposits and the country's economy. While the measure was necessary to prevent the collapse of the banking system, it caused a lot of controversy and led to a loss of trust in the banking system.
What happens when Banks go bust?
The historical incident of Cyprus: 2012–2013 Cypriot financial crisis
Banks in the small European nation of Cyprus go bust.
Cyprus had 2 main banks:
The Cyprus Popular Bank ('the Bad bank') was the second-largest banking group in Cyprus behind the Bank of Cyprus until it was 'shuttered' in March 2013 and split into two parts.
A one-time bank deposit levy on all uninsured deposits there. Anything over the insured 100k was simply taken away!
There also was a seizing of possibly around 48% of uninsured deposits in the Bank of Cyprus (the biggest one ie 'the Good bank') .
What happened to Bitcoin then?
It PUMPED for the first time to 1,200 (from around 100$ before the crisis). For reasons you probably understand,
Just sharing this fact with you.. hope you find it interesting.
I am just sharing a fact, everyone can take decisions for themselves.
Wish you all luck,
The FXPROFESSOR
PS. I happen to be from Cyprus.
Awesome place to live and economy has never been better here ever since our little 'Great Reset'.
Come visit me in Limassol sometime: www.celebritycruises...blog/limassol-cyprus
chatgpt on Cyprus haircut:
The Cyprus banking crisis occurred in 2013 and was a result of the country's banks investing heavily in Greek government bonds, which lost value during the European debt crisis. This led to a significant reduction in the banks' capital, making them vulnerable to collapse. The Cypriot government requested a bailout from the European Union (EU), which came with a condition of imposing a "haircut" on bank deposits.
The haircut, which was essentially a tax on deposits, was a measure designed to raise funds to stabilize the banks. Depositors with more than 100,000 euros in their accounts had to pay a percentage of their deposits to the government, while those with less than 100,000 euros were spared. This measure caused a lot of controversy and anger among the Cypriot people, as many felt that their hard-earned savings were being taken away without their consent.
The impact of the haircut on people's deposits was significant. Depositors with more than 100,000 euros lost a substantial portion of their savings, with some losing up to 60% of their deposits. This caused a great deal of uncertainty and anxiety among the Cypriot people, as well as a loss of trust in the banking system.
The Cyprus banking crisis and haircut had significant consequences for the country's economy. Many businesses and individuals suffered losses, and there was a decline in confidence in the financial system. The crisis also highlighted the interconnectedness of the European banking system and the need for greater regulation and oversight.
In conclusion, the Cyprus banking crisis and haircut had a significant impact on people's deposits and the country's economy. While the measure was necessary to prevent the collapse of the banking system, it caused a lot of controversy and led to a loss of trust in the banking system.
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