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Social unrest in France: is Bitcoin the answer? Bobby Lee thinks so…

Earlier in the week, France was rocked by large-scale violent protests in Paris, with President Macron considering the declaration of a state of emergency. Bobby Lee has claimed that rising inflation is the true cause of these riots, and cryptocurrencies could be the solution.

Lee is the founder of BTCC, China’s first Bitcoin exchange, and he currently serves on the board of the Bitcoin Foundation. In an epic Twitter rant in the wake of the news about the Paris riots, he took aim at governmental monetary policy, which he sees as destroying the value of money through irresponsible spending and excessive printing of money.

The riots were started as a response to rising fuel costs in France, which came about due to taxation measures intended to tackle the growing threat of climate change. Lee claims that he is also “all in favor of fighting climate change”, but does decline to mention the ways that Bitcoin could itself contribute to this problem, particularly if it continues to grow.

Read more: Cryptocurrency and Climate Change: How bad is crypto for the environment?

According to Lee, states across Europe are locked in a “money-printing death spiral”, and crypto could provide the solution. He refers to Bitcoin as ‘sound money’, as it is designed to be anti-inflationary and store its value independent of the actions of governments and financial institutions. 

Observers on Twitter were predictably split in their responses, with many enthusiasts appreciating Lee’s pro-crypto take, and others pointing out potential flaws in his argument.

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