Will Grexit Force Bitcoin Price to Spike like the 2013 Cyprus Collapse? (Op-Ed)
Bitcoin prices are on the move upward. Bitcoin volume trading is on the move upward. Greece is on the move downward to a total collapse. Coincidence? I think not. Why? This has all happened once before, over two years ago and maybe we can all learn from the experience, especially all the day traders and speculators out there. So let’s take a look at where we’ve been as far as bitcoin price and where we may end up going in the near future. Let’s all be bitcoin speculators, in a week where the Greeks have an entire week to speculate on their economic future, with an extended bank holiday in....
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DEA Agent Carl Force, who is presently charged with stealing bitcoins from Ross Ulbricht during his investigation of the Silk Road, also attempted to work for Mt. Gox during 2013. According to e-mail screenshots published by Mark Karpeles, the agent first made contact via LinkedIn. When Karpeles responded to Force's statement that he "loves the Bitcoin," asking if there was anything Karpeles and Mt. Gox could do to help Force, Force stated that he was looking to arrange the sale of 250 bitcoins. "The American Government and Economy Will Crash". Force appears to be a dissatisfied federal....
In March/April 2013, the exchange rate of bitcoin soared as a consequence of harsh capital controls introduced in Cyprus. Many people came to the conclusion that governments and banks couldn't be trusted with their hard-earned savings, and started looking for alternative ways to store value, out of reach of predatory central banks. Bitcoin came to the rescue, and its price shot up as many people rushed to take money out of their saving accounts and buy bitcoin instead. The recent spike in the exchange rate of bitcoin, which went up 10 percent in the last 24 hours - something unheard of in....
Cyprus was long used as an offshore haven for fiat currencies, but the financial crisis of 2012-2013 culminated in massive levies on uninsured bank accounts in Cyprus with deposits of at least 100,000 euro. That was in the spring of 2013, and the so-called “bail-in” shook many people’s confidence in the security of their fiat wealth. Bitcoin’s value against fiat currencies took off right around this same time, leading many to conclude there was a significant causal effect. Since then, Cyprus has become a hotbed of Bitcoin and cryptocoin activity. The University of Nicosia began accepting....
The Central Bank of Cyprus (CBC) issued a warning on 7th February to its 1.1 million residents advising them that virtual currencies such as bitcoin are not legal tender and should be treated with caution because of their perceived volatility. The CBC further noted in its statements that it does not condone any activity that falls under its jurisdiction, "unless it can ensure the legality of that activity". The agency added: "Activities without the necessary licensing are in breach of legislation." Elsewhere, the CBC reminded its citizens to be cautions about virtual currency investments,....
After months in seclusion, the price of bitcoin once again emerged as the breakout tabloid star of this week's news cycle. Spurred by a sudden spike in trading activity on 16th June, the media quickly correlated the surge to Greece's increasingly possible exit from the European Union (nicknamed the 'Grexit'). Though real evidence to suggest bitcoin is becoming a tool for Greek citizens amidst monetary uncertainty is scarce, the coverage nonetheless succeeded at overshadowing other developments in the industry, both positive and negative. A 'Grexit' price pump. To understand Greece's role....