On the popular internet forum Reddit there is a very special call out. The user ‘Frank_Caswole’ published an idea two days ago for a massive bank run on April 1, 2023. That seems like a nice joke, but something like this can have serious consequences for the economy in the digital age.
A crisis is not funny
Of course you never know what kind of figure is behind a call like this and it probably feels nice and rebellious to organize something like this. The dangerous thing, however, is that in theory the entire global economy could collapse if the group of crazies gets big enough.
If this group on Reddit actually manages to organize a bank run, it could mean that more banks will get into trouble and a recession may start. This would cause unemployment to skyrocket and that would not be the best outcome for investment either.
In that respect, the question is whether we as a crypto community should be jumping for this. However, it does show the potential power and dangers of social media. From virtually nothing, a small group of people can create a movement that could, in theory, topple an entire economy if things get out of hand.
Difficult for central banks
This action on Reddit also shows that the digital age brings new challenges for the financial system. In the past, it was not just possible to spread these kinds of calls and it was much easier to control the economy.
Nowadays anyone can theoretically pick up their cell phone and use all of their funds to buy Bitcoin or other financial assets. With that you actually have a digital bank run.
After all, we no longer have to go to the ATM to withdraw our money from the banks, because Bitcoin, for example, is an alternative that is available digitally. Now this move probably won’t have the effect that the relatively small group of Redditors hope for, but it could turn out very badly for the traditional financial system in the future.