European Parliamentarian Eva Kaili’s conversion to cryptocurrency came as she watched her friends lose their life savings in the fallout of the Global Financial Crisis. The crunch came during the 2012 Cypriot financial crisis, when Cypriot banks collapsed and a levy was imposed on many depositors to fund the resulting bailout.
Lots of my friends lost their savings because banks suddenly shut down and nobody would guarantee their life savings, she says. So this was like quite a shock.