There have been reports of some banking users in Chile being unable to withdraw funds. As unrest in the country continues to spiral out of control, the case for Bitcoin becomes all the more clear.
One of the main arguments in favor of Bitcoin, and cryptocurrencies, in general, is that they allow users to ‘be their own bank.’ In fact, there seems to be a direct relationship between ATMs being locked and spikes in Bitcoin trading volume.
As BeInCrypto previously reported, the highest trading volume ever reported in Hong Kong on LocalBitcoins happened last month amid the riots. Hong Kong citizens have been struggling to take out cash as the Chinese state tightens its grip on the city’s payment infrastructure.
A similar situation could now be playing out in Chile, and if we are to take lessons from Hong Kong, a significant spike in Bitcoin interest may be coming as well.

Chile Goes Dark Amid Government Crackdown
One user on Twitter is reporting that the situation is intensifying in the streets. Military units have been killing protestors outright, and many supermarkets are empty with major shortages of foodstuffs. ATMs have also reportedly been locked. https://twitter.com/PumpkinToshi/status/1186341968210644992?s=20 If we are to learn any lessons from Hong Kong’s recent rebellion, it’s that cryptocurrencies and fights against government crackdowns are a natural fit. Bitcoin trading volume seems to balloon when people lose the ability to freely use their own money.A Possible Bitcoin Trading Spike May Be Coming
As of now, the weekly trading volume reported on LocalBitcoins seems to be consistently high, but we will have to wait until the forthcoming week to draw any conclusions. A significant spike this week would further legitimize the idea that Bitcoin and cryptocurrencies can serve as a possible hedge against government crackdowns.
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Advertorial is the universal author name for all the sponsored content provided by BeInCrypto partners. Therefore, these articles, created by third parties for promotional purposes, may not align with BeInCrypto views or opinion. Although we make efforts to verify the credibility of featured projects, these pieces are intended for advertising and should not be regarded as financial advice. Readers are encouraged to conduct independent research (DYOR) and exercise caution. Decisions based on...
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