Could Greece bankruptcy fuel the next Bitcoin rally?

[BTCat]

It happened all before with Cyprus in 2013:

Shares of the cyber-currency bitcoin have surged in the past week as investors seek safe havens following the unprecedented bailout of Cyprus' banks.

http://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/

And today:

Schaeuble Warns Defaults Can Surprise Before Greece Test

“Experience elsewhere in the world has shown that a country can suddenly become unable to pay its bills,” Schaeuble said in an interview with Frankfurter Allgemeine Sonntagszeitung published Saturday.

http://www.bloomberg.com/news/articles/2015-05-09/greece-huddles-with-creditors-ahead-of-ecb-test-as-support-slips

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[Q7]

I think if you relate the price increase to Cyprus back in 2013, that is more like mere coincidence. We have seen Greece showing signs of defaults and then we have the bailouts but that hardly move the price. Personally I don't see any correlation between both.

[dr.offher]

Nah, Cyprus had nothing to do with it and I'm sick and tired of this nonsense about Greece leaving the Eurozone.

 If you live in the EU and think that the banking system might collapse or that the Euro might collapse, you don't purchase BTC, you try to withdraw as much money as you possible can and keep it in cash. If the government ever implements a pesofication of all depositor accounts you can bet people will be trying to smuggle euros into other, more stable European countries.

[Amph]

how they can fuel it if they have no money even for surviving practically...

no the new really of btc will not happen because some country is bankrupted

[Lethn]

how they can fuel it if they have no money even for surviving practically...

no the new really of btc will not happen because some country is bankrupted

The point is it will cause capital flight to Bitcoin, Greece collapsing would certainly shake up the EU to that point and Switzerland has already exited the Euro.

[Slark]

Could Greece bankruptcy fuel the next Bitcoin rush? The answer is no. Here is why:

1. People from other countries don't care about Greece bankruptcy that much. For them is just another news from far away.
2. It does not make people suddenly realise that something like bitcoin is here. People don't know about bitcoin.
3. Even if people knew what bitcoin is there is not enough of infrastructure to use bitcoin in normal life on everyday basis.
4. Bitcoin is still too volatile when one day you have 1 BTC and it cost $300 and next your bitcoin is only worth $225.

[redsn0w]

It happened all before with Cyprus in 2013:

Shares of the cyber-currency bitcoin have surged in the past week as investors seek safe havens following the unprecedented bailout of Cyprus' banks.

http://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/

And today:

Schaeuble Warns Defaults Can Surprise Before Greece Test

“Experience elsewhere in the world has shown that a country can suddenly become unable to pay its bills,” Schaeuble said in an interview with Frankfurter Allgemeine Sonntagszeitung published Saturday.

http://www.bloomberg.com/news/articles/2015-05-09/greece-huddles-with-creditors-ahead-of-ecb-test-as-support-slips

Obviously, NO the Greece bankruptcy will not 'fuel' the next bitcoin rally. If we want to see again 1'000 dollars per bitcoin, that in this case we need a person with a lot of dollars (billion or also million $$) and he should buy bitcoin and continue to buy.

[Meuh6879]

every week since 4 months ... the greek country must do default.
but they don't ... every time.

that's the financial sector, a bunch of lies ...

[dr.offher]

The point is it will cause capital flight to Bitcoin, Greece collapsing would certainly shake up the EU to that point and Switzerland has already exited the Euro.

Switzerland was never in the Euro to begin with! The Swiss Franc was pegged to the Euro, but they were never part of the Eurozone.

Obviously, NO the Greece bankruptcy will not 'fuel' the next bitcoin rally. If we want to see again 1'000 dollars per bitcoin, that in this case we need a person with a lot of dollars (billion or also million $$) and he should buy bitcoin and continue to buy.

I suggest we bring back Willy and Markus.

[numismatist]

It happened all before with Cyprus in 2013:

Shares of the cyber-currency bitcoin have surged in the past week as investors seek safe havens following the unprecedented bailout of Cyprus' banks.

http://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/

And today:

Schaeuble Warns Defaults Can Surprise Before Greece Test

“Experience elsewhere in the world has shown that a country can suddenly become unable to pay its bills,” Schaeuble said in an interview with Frankfurter Allgemeine Sonntagszeitung published Saturday.

http://www.bloomberg.com/news/articles/2015-05-09/greece-huddles-with-creditors-ahead-of-ecb-test-as-support-slips

It's "Schäuble", not "Scha-eble". Since you are most probably someone from far away from the area of interest: Just believe me, Cyprus ain't Greece nor has given Bitcoin anything. More like nothing. What's left from the Cyprus Effect?

[Lauda]

Could Greece bankruptcy fuel the next Bitcoin rush? The answer is no. Here is why:

1. People from other countries don't care about Greece bankruptcy that much. For them is just another news from far away.
2. It does not make people suddenly realise that something like bitcoin is here. People don't know about bitcoin.
3. Even if people knew what bitcoin is there is not enough of infrastructure to use bitcoin in normal life on everyday basis.
4. Bitcoin is still too volatile when one day you have 1 BTC and it cost $300 and next your bitcoin is only worth $225.

You have some fine points, but 4 is partially true. Bitcoin isn't that volatile at the moment. Take a look at the 6 month chart, we've only had 1 big decline in that time period.
Things are going to improve over time. I Greece goes bankrupt, I could see some wealthy individuals buying into Bitcoin. They do have to hear about it first and learn how it works and how to use it.

[Bit_Happy]

It happened all before with Cyprus in 2013:

Shares of the cyber-currency bitcoin have surged in the past week as investors seek safe havens following the unprecedented bailout of Cyprus' banks.

http://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/

And today:

Schaeuble Warns Defaults Can Surprise Before Greece Test

“Experience elsewhere in the world has shown that a country can suddenly become unable to pay its bills,” Schaeuble said in an interview with Frankfurter Allgemeine Sonntagszeitung published Saturday.

http://www.bloomberg.com/news/articles/2015-05-09/greece-huddles-with-creditors-ahead-of-ecb-test-as-support-slips

The answer is YES:
Almost anything "could" happen and Bitcoin is primed for a huge rally with all the investor money pouring into related companies.
The pessimism in this thread (and 'all over' the forum) is actually a clear sign that the market is ready to go much higher:
Contrarian investing = "In finance, a contrarian is one who attempts to profit by investing in a manner that differs from the conventional wisdom, when the consensus opinion appears to be wrong."
http://en.wikipedia.org/wiki/Contrarian_investing

[gizmoh]

how they can fuel it if they have no money even for surviving practically...

no the new really of btc will not happen because some country is bankrupted

Fed up hearing that Greeks are poor and have no money..  


As the Greek economy teeters on the verge of bankruptcy, millions of panicking citizens have completely cleared their accounts - pulling more than €28 billion out of banks and pushing the total cash revenue held in the country's financial institutions to a 10-year low.

http://www.dailymail.co.uk/news/article-3068975/Greece-introduces-mandatory-surcharges-cashpoints-desperate-attempt-raise-money-stop-panicked-citizens-withdrawing-life-savings-country-s-beleaguered-banks.html

[1Referee]

It happened all before with Cyprus in 2013:

Shares of the cyber-currency bitcoin have surged in the past week as investors seek safe havens following the unprecedented bailout of Cyprus' banks.

http://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/

And today:

Schaeuble Warns Defaults Can Surprise Before Greece Test

“Experience elsewhere in the world has shown that a country can suddenly become unable to pay its bills,” Schaeuble said in an interview with Frankfurter Allgemeine Sonntagszeitung published Saturday.

http://www.bloomberg.com/news/articles/2015-05-09/greece-huddles-with-creditors-ahead-of-ecb-test-as-support-slips

Obviously, NO the Greece bankruptcy will not 'fuel' the next bitcoin rally. If we want to see again 1'000 dollars per bitcoin, that in this case we need a person with a lot of dollars (billion or also million $$) and he should buy bitcoin and continue to buy.

It would be great to see a steady but healthy growth over a long period of time. For that to happen there must be genuine demand. I prefer to have genuine demand and a steady rise, rather than a few wealthy investors buying up coins to dump it again at some point. And no, I don't think Greece can trigger a rally.

[thejaytiesto]

It happened all before with Cyprus in 2013:

Shares of the cyber-currency bitcoin have surged in the past week as investors seek safe havens following the unprecedented bailout of Cyprus' banks.

http://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/

And today:

Schaeuble Warns Defaults Can Surprise Before Greece Test

“Experience elsewhere in the world has shown that a country can suddenly become unable to pay its bills,” Schaeuble said in an interview with Frankfurter Allgemeine Sonntagszeitung published Saturday.

http://www.bloomberg.com/news/articles/2015-05-09/greece-huddles-with-creditors-ahead-of-ecb-test-as-support-slips

Anyone knows exactly to what extent the cyprus bailout was responsible for the bitcoin rally? that would very useful information to try to develop an analysis adapted to the current greek situation. I only expect a small % of people doing it because unfortunately, most people are clueless and there are people hidding money literally under sofas already because they dont know any better.

[randy8777]

cyprus had no impact on bitcoin. it was pure coincedence. greece bankruptcy will also not have an impact on bitcoin as there are safer ways of getting money out of the country.

[gentlemand]

cyprus had no impact on bitcoin. it was pure coincedence. greece bankruptcy will also not have an impact on bitcoin as there are safer ways of getting money out of the country.

I wouldn't necessarily call it a coincidence. I very much doubt that a single Cypriot got involved but it could well have inspired people who were already into BTC to go deeper into it. It's exactly the type of situation it's best suited for in theory and they would've gotten all excited.

[tabnloz]

Could Greece bankruptcy fuel the next Bitcoin rush? The answer is no. Here is why:

1. People from other countries don't care about Greece bankruptcy that much. For them is just another news from far away.
2. It does not make people suddenly realise that something like bitcoin is here. People don't know about bitcoin.
3. Even if people knew what bitcoin is there is not enough of infrastructure to use bitcoin in normal life on everyday basis.
4. Bitcoin is still too volatile when one day you have 1 BTC and it cost $300 and next your bitcoin is only worth $225.

You have some fine points, but 4 is partially true. Bitcoin isn't that volatile at the moment. Take a look at the 6 month chart, we've only had 1 big decline in that time period.
Things are going to improve over time. I Greece goes bankrupt, I could see some wealthy individuals buying into Bitcoin. They do have to hear about it first and learn how it works and how to use it.

The peoples from neighboring countries may not care but the banking institutions of said countries sure will, as many of them are Greek creditors. Italy, France, germany also have economic problems and the market will start to ask questions - we're already seeing bond prices turn, with Germany leading the way. No one wants Greece to default as the repercussions are unknowable.

It won't make people realize overnight that bitcoin is the answer but when it comes to money being confiscated (by bail in, devaluation or 'policy'), I'll bet people learn quick. Doesn't have to be the greeks themselves, likely to be other EU members. I would say in the event of a Greek exit people won't be coming to bitcoin so they can do the groceries, they'll be looking to keep their wealth away from TPTB and store their value.

Volatility is a problem with Bitcoin but in a crisis its a problem with everything.

[thezerg]

cyprus had no impact on bitcoin. it was pure coincedence. greece bankruptcy will also not have an impact on bitcoin as there are safer ways of getting money out of the country.

I wouldn't necessarily call it a coincidence. I very much doubt that a single Cypriot got involved but it could well have inspired people who were already into BTC to go deeper into it. It's exactly the type of situation it's best suited for in theory and they would've gotten all excited.

Yes exactly.  Its too late for greeks but the more heavy handed their govt is the more it will create a background of distrust in fiat currencies that will fuel btc demand.

[randy8777]

cyprus had no impact on bitcoin. it was pure coincedence. greece bankruptcy will also not have an impact on bitcoin as there are safer ways of getting money out of the country.

I wouldn't necessarily call it a coincidence. I very much doubt that a single Cypriot got involved but it could well have inspired people who were already into BTC to go deeper into it. It's exactly the type of situation it's best suited for in theory and they would've gotten all excited.

i understand your point. and yes that might have been playing a certain role in the peak at that time. but it didn't last while the problems in cyprus and other countries were getting worse.