Eric Trump, son of US President Donald Trump, said the family became pro-crypto after they were “debanked” in the aftermath of the Capitol attack incident in early 2021.
Several banks shut down hundreds of bank accounts related to the Trump Organization without providing a reason, Trump told The Wall Street Journal, which led to the group having to rely on regional banks before finding a new, unidentified bank, to which they migrated.
“At that time, I realized how fragile the financial system was and how easily it could be weaponized against you,” said Trump. – Cointelegraph report
What's the point of getting a bank account if at some point, it could taken away from you for political reasons?
This was the first thing that came to mind when I read this report, because it is comical how the system will talk about things like the 5.6 million US households that are unbanked or underbanked but will continue to pull things like this.
According to a FDIC National Survey of 2023, 4.2% of US households or 5.6 million are either unbanked or underbanked. The survey found that 66.2% of the unbanked relied entirely on cash.
In a global scale, we are looking at 21-27% based on numerous estimates, so possibly over 2 billion people. In most cases, these are people who generally don't have a need for a bank account, some may never really use money, some may be poor and the list goes on.
That said, what the situation-cause for their current unbanked state is, isn't really important, what's worth looking at is what really are the incentives of owning a bank account.
Why should the unbanked care about owning a bank account?
There are generally more demerits than merits to this.
The merits, we can figure to not be very important to many of current unbanked people. When we consider that there are many that have deliberately chosen to be unbanked, it further supports the notion that the merits aren't that appealing.
The rise of crypto use is also proof of this. As Eric Trump has noted, going pro-crypto is how you fight back.
Owning a bank account is giving away control of your personhood and should never be encouraged.
From unbanked to Crypto
I'm one of the few people that went from being unbanked to crypto and I've been lucky to come across a few others with similar migration.
I haven't been to the bank for I believe 3-4 years now. Moving completely on-chain is what everyone should be aiming for at this point.
The banks are trying to push back on this transition, we've heard about the operation chokepoint, which aimed to debank the digital assets ecosystem and effectively restrict growth.
The system will always be weaponized against individuals and developments that would take away the control they have over the people.
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