Bitcoin Forum

I've heard the Grexit theory. Are there any other potential reasons that Bitcoin price is surging?

http://i2.kym-cdn.com/photos/images/facebook/000/158/329/9189283.jpg

But seriously, what is the Grexit theory?

There is actually no "Grexit theory". What OP meant is that people are trying to find the reason for the current price surge increase. A theory is that Grexit might cause this.
You're probably asking yourself what Grexit means. Grexit refers to the possibility of Greece leaving the eurozone. It's a combination of the words 'Greek' and 'exit.

Read: http://www.cnbc.com/id/102763842

I believe he is referencing the situation over in Greece but I'm not aware of the specifics that could have caused the climb.

Yes, what LaudaM said.  :)  ^^^

While noone can say for certain, some of this may make sense:

-Bitcoin price was expected to rise sooner due to many positive news, but that didnt happen.
-Price was stabile for a very long period after insanely long downtrend, and it was (is) just a matter of when it will start recovering, not if it will do so.
-Litecoin halving is coming in ~60+ days, and people are trying to cash in on the bet of price increase. Buying usd/ltc moves btc/ltc pair higher, which results in btc/usd pair to follow aswell.
-Bitcoin halving is next year, many will agree it's smart to start hording it now while the price is 5x lower than ATH, and that it will be too late few months before halving to expect such low prices.
-Russia leaked info about not banning bitcoin afterall
-Swiss becomes the bitcoin state of sorts, making bitcoin VAT free by law.
-In the end, there is no reason for it not to surge...
-While i dont believe Grexit will have impact on BTC, many people do, which would impact the price also.

Just to name a few..

This is just speculation, and this thread also belongs in Speculation. Nobody knows why bitcoin does what it does but it's always down to supply and demand.

And the only thing that's making it hold the price back are the people who don't understand terms of XT fork, and those spreading FUD about it.
I wouldn't worry about it for much longer, either people will inform themselves, or they already dumped trusting FUD and are kicking heads on the wall about now.
I'm optimistic, but given the fact how the price is unpredictable, 270$ seams to me as realistic as 220$.

cheers

Great analysis. Thank you.

- Gemini exchange is nearly ready to begin trading
- COIN ETF in the pipeline
- NYC Bitlicense granted & approved
- Gradual increase of merchant/mainstream adoption
- The market is manipulated by a small number of very rich, very early adopters, maybe some got what they   wanted (more cheap coins) & decided to pump the market before dumping for good profits again in the future

I don't know for sure but the above are just some of the reasons that could have attributed to the recent price rise, I hope it continues.

hmm well weve dropped back down to the 250 level but this is being held for now as there is some strong support atm on all exchanges but i think the next 24 hours are going to be crucial in signaling a rally or small crash back to normal levels...

If I had a satoshi for every time I heard that freaking saying I'd have a bitcoin.

I know right?

Exactly. You should definitely look at the Wall Observer thread (if you haven't already). You are going to see the same things over and over again.
We can't really tell how the market is going to reach. It looks like we are going to close today around $250. If Greece does depart from the eurozone it is probably going to be beneficial for Bitcoin, however I can't say the same for the Greeks.

According to preev the price has been up down then back up again the past three days. Went from 150-160 then back down to 150 now it's near 160 again. This is why I don't get excited about the current price any more and just look to the long term future price.

 I am a proposal of the Greexit -> price surge theory. I would have said back in the day that the Cyprus incident would have no impact on the BTC price because well, who the hell knows what Bitcoin is in Cyprus, but actually enough people did to have an impact on it. Im hoping that the Greeks give us a positive surprise and don't render themselves as idiots that still don't know about Bitcoin in 2015 and a half.

It might not have been Greeks buying Bitcoins, it could have been people from other countries speculating that greeks would buy Bitcoins as a safe haven to put money into. Most of the stories I have read about Greece tell of people living in desperate poverty and getting food from soup kitchens. People in that position have no money to put into a safe haven like Bitcoin.

I wonder about the influence of the thousands of stolen coins? I assume the thieves sell the coins they take and that could radically suppress price. Perhaps one day we will wake up and find them sold out. At that point the glut of coins in the market is replaced by a low supply. A low supply relative to demand is what pushes prices. Maybe the thieves are running out of coins?
 ???

aren't all the thief's coins, sold out already? i doubt they are great holder, they acquired those coins too easily because it's worth it to consider as a long term selling strategy

Not sure why, but i buy more than i sell so i enjoy it when prices are lower :-P but dont want them to go so low they are no longer valuable