Greek Currency Crisis to Fuel Funds to Bitcoin?
It has been months since the Greek government and its creditors have tried to hammer out a plan to avoid default and a potential exit from the euro zone. Over the weekend, talks between the negotiation teams broke down once more, putting Greece closer to leaving the shared euro currency and possibly reverting to the drachma. Capital controls have already been imposed in Greece in order to prevent a bank run, and these include having withdrawal limits on ATMs. The Greeks are starting to fear that their own currency might not be worth anything, leading several to move their money to bitcoin....
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Bitcoin has enjoyed a pivotal moment, thanks to the ongoing Greek debt crisis, which resulted in capital controls and an influx of funds towards the cryptocurrency. Indeed bitcoin prices have eventually landed back above the $300 mark, following a long period of consolidation around $220 earlier in the year. The prospect of shifting back to a potentially worthless drachma has led several Greeks to move their money to bitcoin, as some websites have offered bitcoin loans and investments while others offered to purchase Greek products using the cryptocurrency. This could allow Greek citizens....
As the Greek Parliament readies to vote on a third bailout agreement today - which would inevitably seal the country's fate within the eurozone - there's still a steady stream of media reports suggesting bitcoin could prove useful to Greek citizens. Although it's difficult to quantify whether the economic crisis has driven Greeks to purchase the digital currency, perhaps the more important question to ask is this: Have recent events even increased awareness of bitcoin in Greece? One man's wish. Nikos Houtas owns Tavern Agelos - a traditional Greek restaurant opened by his father 20 years....
The bitcoin price surpassed the $300 mark over the weekend reaching its highest level since 10th March at 15:00 (UTC), according to the CoinDesk Bitcoin Price Index. Bitcoin's value reached $300.32 at 09:15 on 12th July, spiking to $313.77 at 14:45 on 12th July. Despite hovering over $300 throughout the whole of Sunday, the price dropped by 4.8% from $304.22 this morning (07:00) to $289.48. Emerging theories. Bitcoin has been touted as a safe haven asset during times of economic turmoil, which, according to some, has seen the digital currency gain increasing momentum in the wake of the....
2 April 2016 – Wikileaks has published the transcripts of an IMF teleconference detailing a conversation between two top IMF officials. The transcript details plans to manipulate Greece into accepting “Draconian Measures,” in the words of Greek Finance Minister Euclid Tsakalotos, by manufacturing a financial crisis that affects the nation, and the rest of the European Union through the ECB. Aside from the validations of the core concerns of Cryptocurrency adopters, the leak may be shaping up to be the biggest financial scandal of the year. The transcript reads like a chapter out of the....
The Bitcoin price has stabilized on news of Britain leaving the European Union in a historically unprecedented move. The currency, which had corrected after a considerable price increase in recent weeks, has settled around the $650 range as global markets react to the news. If you recall the currency crisis in Cyprus, you might agree Bitcoin tends to thrive in moments of economic crisis such as Brexit. The 2013 Cypriot Financial Crisis and bailout led to a flurry of press coverage regarding Bitcoin. Similarly, during the Greek Debt Crisis, the media embraced the narrative that Bitcoin was....