Bitcoin: The Saviour Of French Savings?

Participating in the European Union’s Council of Finance Ministers, French Finance Minister Bruno Le Maire called for all European savings to be used to finance the climate transition, the war effort and investment in artificial intelligence. The capital markets union is likely to confiscate 35,000 billion euros of Europeans’ savings.

European leaders want to seize Europeans’ savings

Banking institutions are far from a secure option for those who keep their funds there. Aside the risk of bank failure, funds held in banks are not immune to the arbitrary decisions of political leaders. The French Minister of the Economy, Finance and Industrial and Digital Sovereignty has just provided further proof of this.

At the French European Union Finance Ministers, Bruno Le Maire invited his European counterparts to speed up the implementation of the capital markets union. In particular, this measure would enable the European Union to mobilize all the savings of Europeans that lie dormant in banks. Estimated at 35,000 billion euros, Europeans’ savings could help finance the climate transition, the defense effort and investment in artificial intelligence, according to the French minister.

The reluctance of some of the 27 member states of the European Union does not seem to discourage the French minister. Bruno Le Maire proposes to launch this initiative with countries that agree. For him, Europe can’t weaken economically and miss the turning point in climate change and artificial intelligence because it doesn’t have sufficient financial reserves, even though tens of billions of euros are sitting in European bank accounts.

Europeans denounce a hold-up by the oligarchy

The will of Bruno Le Maire to monopolize citizens’ savings has sparked a reaction on X. From politicians to ordinary citizens, many French people have condemned the measure as unfair and dangerous.

Such as the opposition MP Daniele Obono who has recalled that several hundred billion euros stolen from the people of Europe are sitting in tax havens. Instead of seizing legal funds held in bank accounts, we need to recover funds from tax havens.

Other citizens are outright calling on Europeans to get their money out of the banks. Such is the case of this Internet user who points out that the current economic crisis is the consequence of irresponsible measures such as financing the war.

What if Bitcoin was the solution?

Not surprisingly, the media release of Bruno Le Maire sounded like a publicity stunt for Bitcoin. Several Internet users pointed out that Bitcoin is one of the solutions to the state’s arbitrary monopolization of private funds.

Unlike bank accounts, Bitcoin is totally decentralized. This allows this asset to resist all forms of censorship, including that coming from political leaders or banking institutions. If you want complete control over your funds, Bitcoin could be your ally.