On May 25, George Floyd, an African-American died in police action in what is seen as another example of police brutality on the black community. This event has sparked nation-wide protests that have turned ugly in many parts of the United States. President Donald Trump has even threatened military action against the protesters.
But what is interesting to note is that the crypto community has thrown its weight behind the protests. This has something to do with the circumstances in which police was called by a deli manager when he found that Mr. Floyd gave him a counterfeit bill of $20 to buy some cigarettes.
The Bitcoin project tweeted “Counterfeit $trillion, the state doesn’t bat an eye; Counterfeit $20, the State loses its mind.”
Counterfeit $trillion— Bitcoin (@Bitcoin) May 29, 2020
the state doesn’t bat an eye.⁰⁰
⁰the state loses its mind.
The protests have turned into widespread looting at many places reflecting a deeper problem with the American economy, according to experts. This has spurred the crypto community into participating in the protests with banners saying “Bitcoin Will Save US.”
Recent times have seen that where there have been nation-wide protests against government legislature, the crypto community has been keen to put forward the role of cryptocurrencies in helping create an alternative system that breaks away from central authority to empower everybody. Hong Kong, for instance, saw pro-democracy and anti-government protests last year. This movement spurred wider adoption of cryptocurrencies like Bitcoin.
The political upheaval and uncertainty prompted many businesses to switch to using digital assets and reduce their dependence on central bank currencies. In Latin America, cryptocurrencies played a role in the protests that occurred in the last quarter of 2019 in Chile, Colombia, Venezuela, Argentina, Bolivia, Ecuador and Peru.