The Crypto Comms #59; Financial Deplatforming

Chris on Crypto
5 min readJul 4, 2023


We live in a time of deep division, thinly-veiled intolerance, injustice and oppression. This is hardly new. After all, one can go through history purely with these optics in mind, but there’s s a strange flavour of mesmerisation and apathy this time around.

In this issue

  • Hush hush persecution
  • Banking as a political weapon
  • You’re next
  • Bitcoin analysis
  • Latest happenings
  • Listening material

Hush hush persecution

Anecdotally in my experience, there’s a general attempt to avoid the elephant in the room. Everywhere you go, it seems taboo topics have become even more taboo. Don’t talk about vaccine injuries and increasing mortality, that’s just a conspiracy! Don’t talk about censorship, some people can’t be trusted to speak and influence others! Don’t talk about financial oppression, my bank account is working just fine!

In each case, there’s a conscious effort to whitewash extremely concerning trends which ultimately amount to political persecution in one way shape or form.

This week, British banks were accused of shutting down customer accounts due to their political and social opinions. The issue came to light after pro-Brexit campaigner Nigel Farage claimed that his bank will close his personal and business accounts for a reason which it termed a “commercial decision”. He did not disclose the bank’s name, but it appears to be Coutts, an institution that’s over three centuries old and part of NatWest Group.

The disconcerting event has resulted in a probe into British banks and their thinly veiled political tendencies, which in many cases, are in full alignment with the UK government.

Banking as a political weapon

Outraged at the situation, Farage made the comparison between the UK and “communist China,” where even his family members had their accounts shut out. He intimated that the banking sector has become a political weapon, noting that anyone who voiced political opinions on current events via social could have their accounts closed down if banks dislike it.

“We are going down a road where anybody in Britain could say something on Facebook or Twitter that a bank doesn’t like and lose their accounts,” Farage told MailOnline.

Farage is now advocating for legislative change to make a bank account a legal right, similar to some other countries, as he mentioned that about 1.3 million people in the UK do not have one. Of course, Bitcoiners are well aware of traditional financial censorship, having been on the receiving end of unfavourable treatment since the coin’s inception.

In fact, the unfolding drama has sparked discussion and debates about the nature of money, the role of banks and the intersection between finance and politics — which increasingly appear to be one in the same.

You’re next

While some would argue that banks are private enterprises to be free to do business with whomever they choose, in modern times, they appear to have become arms of the state in all but title. At the same time, the global push to eliminate physical cash means banking access is all the more important for everyday life. Put simply, one cannot function in modern society without access to banking, and over time, traditional financial service providers appear unable to resist the temptation to exploit their power.

We saw this in Canada in early 2022 when Canadian Prime minister Justin Trudeau ordered to blacklist crypto wallets on citizens who merely donated to the Trucker movement. Now we’re seeing it in the United Kingdom of all places. These events are taking place at a time when governments are poised to release central bank digital currencies, in a bid to gain direct influence over citizens and their spending habits.

As mentioned, Bitcoiners are all too familiar with such malpractices. It is for this reason that Bitcoiners are adamant about sovereign money as a medium of exchange and a store of value. Canada was a warning shot, and the UK appears to be following that trend. The banks obey government dictates, revealing that their loyalty does not lie with normal people, but those pulling the levers.

If it happened to Nigel Farage, you can be certain it will happen to you. One off-hand comment, one remark that grabs the attention of a trigger-happy petty tyrant, and you’re unpersonned. The West is losing its claim on freedom, and being a bystander means you’re facilitating that loss — which may not come back for a long time.

Bitcoin analysis

Bitcoin exchanges hands at $31,000 at the time of writing. The crypto is up 1.6% week-on-week and is poised to head higher on the back of increasing institutional adoption and tailwinds which have made BTC (and LTC) attractive investments.

On the daily time-frame, BTC/USD is not overbought, per the relative strength index (RSI), which means the coin has more gas in the tank which could propel it to new highs in a relatively short time-frame.

If price retreats, the 50-daily ema at $28,500 is the first support zone. However, the market may have entered the phase where ‘picking an entry’ is not as important as just ‘having an entry’. Upside targets where temporary resistance could materialise are $36,000 and $44,000 respectively.

Financial deplatforming is part of the political apparatus of governments. It happened to Russia first after it illegally attacked Ukraine, then to protestors in Canada and politicians in the UK — and these are just the high profile events. Eventually it will happen to you, because we dropped the ball along the way.

All in all, the stage is set for Bitcoin to make its way beyond the 6-figure mark.


Latest happenings

Listening material

Dear readers,

The purpose of this newsletter analysis is to provide context to current events and cryptocurrency markets. It is released every Tuesday. I am not perfect and this is not a science — nor is this newsletter analysis a signals service or financial advice. While I cannot promise perfection I do my best to be honest and transparent.

Thank you for reading.

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Chris on Crypto

Journalist-turned crypto-writer & analyst; forging the narrative, stacking sats.