This is an excellent time to remind you about why it is a good idea to keep some of your money in bitcoin.
When we see banks in a world superpower screwing people over with regards to their money - it's time to make sure you have your wealth in an asset that cannot be confiscated.
Some of you may be thinking, "Oh but I mean China is communist, that's not a problem I would have in Europe or America."
In case you don't know what a bail-in is, here's an explainer in 2 minutes, 12 seconds: https://youtu.be/j6aTCOjUaoU
That last bit that Mr. Wolff said is not wrong, it is perfectly legal for banks to confiscate your funds to deal with their problems, both in America and the European Union: https://www.investopedia.com/articles/markets-economy/090716/why-bank-bailins-will-be-new-bailouts.asp
The provision for bank bail-ins in the Dodd-Frank Act was largely mirrored after the cross-border framework and requirements set forth in Basel III International Reforms 2 for the banking system of the European Union. It creates statutory bail-ins, giving the Federal Reserve, the FDIC, and the Securities and Exchange Commission (SEC) the authority to place bank holding companies and large non-bank holding companies in receivership under federal control.
This isn't some "pro-bitcoin propaganda". Unfortunately, the fact of the matter is that getting some bitcoin or getting none what so ever is an entirely binary decision. No one here in this sub is trying to be smug with you, we are just avidly aware that we need to be hedging against very real possibilities.
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