Bitcoin Forum

Due illegal Catalan referendum by independentists trying to secede from Spain, this will cause a lot of disruption that will spread across Europe. The Euro is already falling while BTC had a nice bull run.

Once again, the global neutral asset shows to be the place to be. You can't lose in Bitcoin, just hold and you shall be rewarded.

$6000 is coming, don't lose your cheap coins.

HODLING since 2014 brother. We need to hold our coins until at least after the next halving. Plenty of room for the price to go up.

Do you really believe that Catalonia will create an independent country?
Nobody supports this referendum,EU countries,USA the european central bank.
The people from Catalonia are going to make a huge mistake and i think that they aren`t that stupid.
There is some short term impact over the euro,but i don`t think that spanians or other people in Europe are buying bitcoins with euro.

I do not believe that the Catalans will have the opportunity to break away from Spain. Now the world's a lot of populism which causes stupid people to make the same stupid actions. Perhaps the Euro will experience temporary difficulties but it does not mean that people will start to buy bitcoins. I think that events in Spain will not affect the cryptocurrency market.

I do not think that the situation in Spain will elevate to such a level that it has a large impact on the price of the euro to the extent that people begin to hold btc instead of the euro, in fact I do not think most people see btc as an alternative to other currencies, they see it completely differently.

i think bitcoin's price will still reach 6000 usd, even without the disruption in europe, however, there might be some truth to this, since there is also another country that had experienced this, just take a look at zimbabwe, their fiat has lost all its value, and you can easily become a millionaire there, however, the value of your fiat money, will just be considered less than a dollar. zimbabwe has its own exchange, and i believe the price of bitcoin there is already at 7000 usd, if this had happened to zimbabwe, it can also happen to other countries, and this time european countries might follow zimbabwe as well, since their euro is going down, they will surely think up of ways on how they can survive, the only thing that they haven't done yet is to make bitcoin their country's currency, if they would follow what  dubai will be doing, there might be a chance for them to get back up on their feet, since bitcoin will give them hope, however, if this does happen, we need to be cautious still, since  a lot of european countries right now are losing the value of their fiat, there might be a cryptocurrency war, not just a competition, however i see it far from happening, since those ountries will need to adapt. let us all just wait and see what will happen to the EU, after spain's crisis.

If there is a crackdown against separatists in Spain, this can create shockwaves across Europe, which will bring the euro down, so yes bitcoin can rise faster to a new ATH.

However, even without that it will reach $6000 sooner or later, this event will only hastens it. I think that without such events the market will be on sidelines until January, even with the forks, as forks are now old news and dont cause the FUD as they had before August.

Im not sure, i guess we will find out the come rather soon, but as you said, nobody would support this so called republic, and Spain constitution includes the ability to stop this legally but putting the president of Catalonia in prison if needed. They knew this was coming. Now Euro has a big problem with this mess, but we the holders of the neutral global asset profit as it goes up.

If it escalates into more and more trouble, I can see people getting scared of bailouts and putting money into BTC. Some already learned the lesson from the past. Remember Cyprus.

But they all supported the independence of Kosovo 9yrs back? And they're saying that situation with Kosovo and with Catalonia aren't the same? It's ridiculous...

so predicting the $6k price? would be nice. Tho, I don't really think we'll see that price anytime soon and if it get's there till the end of oct, will there be a correction after and the second correction after the nov split?

There's more than 100 countries including Russia, China, Spain, Rumania, India and a ton more that don't recognize Kosovo as a state because it was unilaterally decided. Not to mention Kosovo nowadays is a mess of unemployment, you can't say they have improved anything to my knowledge.

In most cases the countries are beter off together. Kosovo was a warzone at some point, this is a very different situation, if you compare these two you need to study some history.

I only said that this will help make the price pumpish along with other stronger facts like the fact that we are coming from a Chinese + JP Morgan fud campaign and we survived.

Segwit2x hardforkers are the biggest enemy of Bitcoin right now in our way to $10,000 next year.

Very Nice to hear that... lets wait and see

They have hinted that they are going to declare independence this Friday (Oct 6th). Unless Spain makes some concessions, there is a real possibility that they'll do it.

do you have any references about this news mate because i really love to read if there's such things to come maybe buying some btc
by now would be a great options before everything will jumped high and make things into double, to OP thanks for sharing i will
keep my btc and buy some more.

Yes, I'm curious to see the coming developments in Spain/Catalonia and the effects on BTC. Wouldn't be surprised if we see prices way past $10K within a year as the Catalonian referendum is just part of the cracks we currently see in the EU; the UK already withdrew and the massive inflow of immigrants causes significant friction within the EU. Oh, and not to forget the laughable interest rates for savings most banks currently have. All in all a 'fertile' environment for crypto.

Catalonia trying to break away is much lower in magnitude compared to Brexit. Even Brexit didn't cause a bull run in Bitcoin. So I don't know why this disruption (if at all it happens) should help Bitcoin reach $6000+.

It came from the following article:

https://www.bloomberg.com/news/articles/2017-10-01/rajoy-says-catalan-ballot-is-void-defending-police-crackdown

October 6th is the anniversary of the time 83 years ago when Catalan last tried to declare independence.

I think they planned the referendum for Oct 1st so they could declare independence on Oct 6th for that anniversary.

If there is smelling of war on the world hot money goes to non-risky assets like gold,silver,oil. Noone is going to mind bitcoin as safe investment.Maybe profit will be much more higher but priority is safety of funds.

Just to update: the president of Catalonia says they will declare independence unilaterally within a few days:

http://www.bbc.com/mundo/noticias-internacional-41492922

It's not clear what Spain can do - if they send in the troops they are in breach of Article 7 of the Lisbon Treaty (which forbids using the military against your own population).

The catalan referendum will not be affecting the bitcoin, It just a nationality problem, If they are wanna exit from the spanish and the catalan must start from zero about all of their new structure. Economic politic and society.

The last time there was a crisis in Europe was in 2013 when the EU forced Cyprus to bail-in the banks - and it pushed bitcoin into the mainstream.

Catalonis is in the euro, and the Europeans may try financial shenanigans against them - and again bitcoin will benefit.

no, it didn't. that's just apophenia: https://en.wikipedia.org/wiki/Apophenia

at the time, the bitcoin price had already been experiencing a monstrous rally for ~10 weeks. the 2011 bubble highs were surpassed before the cyprus event even happened.

people always search for fundamental news to explain price action. it's often pointless and illogical. the correct explanation is that demand for BTC in the lead-up to the cyprus bailout was already massively outweighing supply. a bubble/hype cycle was already occurring. and i'd hesitate even now to say that we have reached the mainstream. 2013 was the tip of the iceberg.

Why think small? Why not hold till next to next halving  :D But yeah seriously, anyone holding for more than 2 years has profited a lot,  including me.
And well $6000 is not a big deal, it was gonna come sooner or later, the European disruption will be a Kickstarter for the uptrend.

I think that $6000 is definitely possible by the end of the month even. $5k is probably going to be guaranteed by November, though. However, i'm not sure whether this country's independence from Spain is going to have any sort of real effects of price.

What drives bitcoin price up is likely to be institutional investors rushing into buying bitcoin.

But then, we've seen pretty high demand for bitcoin in countries where there is instability.

i think there is some truth to this, since euro is falling, and there are a lot of issues going on in europe, countries like italy, germany and greece and seems to be falling financially and the most recent one, spain's dispute over catalon, and not to mention various terror attacks, the whole of europe might be thinking of something else to cling on, and what had happened in zimbabwe, might also happen to them. i think if they all felt that their euro is falling down, they might just print more and more paper notes, that will bring their fiat's value even lower, if they cannot come up of any good solution soon, they might resort to loaning from international banks,but that will just make everything worst, the best thing that they can do and a much wiser solution, is if they rely on crytocurrencies like bitcoin. in an even of pandemonium in their area, people would rather have something that is of value and at this time, bitcoin is considered valuable, and i think if that moment arrives,they will start using bitcoins, just salvage themselves, and it seems to be happening to zimbabwe right now, and it is not impossible that it will happen to europe as well, now that a lot is going on.

Are there any links OP (Regarding the news)? I do hope I can read some of these so that I can anticipate when to buy in. I've been hodling some but just in case ; I want to read more about it so that I can have a clear view of what will happen for the next few days or weeks regarding this Referendum and it's effect on pricing. Thanks for sharing this though got my hopes up! :D

For now, we cannot say if disruption will come.

Maybe the idea of independence will leave them after more severity/police violence from Madrid.

I don't know if we can consider this a big disruption to the ecosystem. But for all intent and purposes, EU hasn't been that much friendly to bitcoin though. So I don't anticipate any disruption in any case whatsoever. Asia and North America are he dominant users and traders of bitcoin. Europe is still far behind because they know what bitcoin to take over as most of the country as pro bankers. So if ever this so called Catalan Referendum came into fruition or not. There will be no significant effect on the market.

I feel like that whenever there is panic, people turn to bitcoin especially when the entire economic system is defunct. If the scenario does unfold in a bad way and Europe suffers from an economic crisis, i really don't doubt at all that bitcoin will be seen as a safe haven for people's funds and people buying into bitcoin like crazy.

That said, demand for bitcoin is and will be strong even without economic crises happening, as demonstrated atm. Price is climbing steadily, and will only accelerate as the month goes on.

Agree. Look at the situation in Venezuela. There is a great economic depression currently in their. Total breakdown of the law. The government exist but it can't sustain its citizens. So what the Venezuelan's do is to turn into bitcoin. I read that they used bitcoin just to get foods out side of Venezuela. So bitcoin become a safe heaven for most of them.

Maybe the Catalan secession will be another example of how bitcoin can help those who are in dire needs. I'm not familiar though of the European environment, but it doesn't matter because bitcoin has no borders. If Venezuelans was able to survived, then its possible for other as well if their country go into economic turmoil.

Well you can see that the value of bitcoin is on a high level right now and I think people will still continue to stick to bitcoin because it is really natural for the price to still rise or increase there is no doubt about it, but if there would be economic crisis for sure that there would be some effect on the Cryptocurrencies, you wold see a down fall of some and bitcoin would significantly drop but that is an If? question and it is not really happening right now that is why many people are getting into bitcoin no doubt about it.

Bitcoin is in no way affiliated with the Euro. The Euro's problems affect only the Europeans. Bitcoin is not dependent on other currencies. I do think that the constant growth of bitcoin is because the dollar is falling in price. Due to the fact that Americans hands controls its economy we are not seeing inflation but it is progressing. The same thing and the Euro.

I don't see it coming, Catalan can't push Euro to fall significantly, People wouldn't buy bitcoin only because this problem.
The most significant case for people get into bitcoin maybe attracted to the price which is against inflation, usability across the world, Government regulations about cryptocurrency and economy crisis in a country such as in Venezuela or Zimbabwe that will encourage people to switch their wealth into bitcoin. Current price is $4400, seems rise a bit from yesterday, but still on slow phase to reach the ATH.

sure .. and the US will be destroyed by NK's nukes and the dollar domination will come to end,keep holding

Spain have problem with Catalonia which could be avoided if they just let the referendum be held in a quiet manner.There is 50-50 chances or more in favor those who do not want independence and problem will be solved.In this way they caused a crisis and possible declaration of independence in next Monday.If they do that only way Spain will react will be force,but much worst then on referendum.

This may cause problems with euro but I also think not too big to influence price of BTC.Price may go up very likely after hard fork if all goes well as it should.

In any case it remains to be seen how will Spain react if Catalonia declare independence and will EU stand by and observe it as the internal issue of an EU member.

Don't know if problems in Spain will cause the price to go up. But I do know that if I was living in Catalonia and having some savings I would convert some part of it to BTC. As a member of EU I still hope for the peaceful solution to their problem and of course unrelated BTC rise.

If you were in Catalonia, you would have Euros as your currency. There is no reason why your Euros should lose value. The Euros held by a German in Berlin are as valuable as the Euros held by a resident of Catalonia.

Sure bitcoin is not affiliated to Euro, but remember they are both currencies even though on a different level. Now that some users might take bitcoin to be a safe haven incase anything affects Euro, then it is possible that an upsurge might happen. Although, we are not sure yet the effect the recent issue will have on Euro, but if you look at the like of Venezuela, Zimbabwe, etc, you will know there is always a link somewhere.