When I see the picture of our banks in my country's, it seems lots of people in the line to withdraw their funds. An analysis of my country says that people keeping funds on their hands instead of keeping into the bank. And it hasn't happened before where a huge amount of funds holding by population. Bank reports saying, clients are just withdrawing their money, deposits are very low by comparing with withdrawal. That's why people encountering lots of questions from the bank regarding withdrawal. Most likely due to the global pandemic, people want to keep funds on their hands.
I don't know if it is happening in your country as well. But seems people losing their faith from centralized organizations like a bank. It would happen due fair of bankruptcy or due to need money on emergency situations. On the other hand, gold and bitcoin movements saying that new investors getting in. Most probably people want to be their own bank.
What's your thought and what's the real situation of your country?
In my country, people are still believing in centralized organizations and the banking system. They dont have other choices since most of them are not well educated and they are hardly depended on everything on the governments. They realize that those centralized organizations can easily steal their money cause there are many cases which people lose their money when a bank becomes bankrupt. There is no insurance for us at all
I try to teach many of my friends how to use bitcoin and how to manage money by themselves in a proper way. But It seems that they lose their hope in bitcoin and other cryptocurrencies since there are too many scammers around us. And they are not independent enough to understand the concept of digital money. Therefore, they choose to buy gold instead of bitcoin. Well, that is still good though