Greece's current GDP is $241 billion. To bring it down to the bitcoin currency, it would require each Bitcoin to account for $17591 of transactions per year, value each Bitcoin at $1759 or around 55 TIMES ITS VALUE! With the assumption that greeks use the currency and not the world, which is impossible. Greece is undergoing internal devaluation as a consequence of an overvalued currency,it would be fucking stupid to adopt a currency that was bound to increase in value by 55x as a consequence of them starting to use it.
As it is a global currency, would it not also be the case that they would increase their GDP by 55x in doing so?
If they could cheaply buy gold, knowing that it would go up 5500% straight after, that would be a pretty good reason to buy gold!
How would a country go about adopting bitcoin anyway? They couldn't buy on exchanges, how could they acquire the starting currency?
i think it should be done via governments, the governments should convert all is fiat in bitcoin, and start paying with it for every activity that there might be in their country
then their country should produce something and sell it to other countries to really increase its GDP, and not by printing useless fiat money, like they are doing now
So bitcoin becomes the officially world reserve currency to pay off each others off sounds intresting..
but thats a ton of fiat, I see it in a way where they use it as a form of universal debt for other foreign countries to buy, so its another form of lending i guess.
the simply thing that a whole country will use bitcoin, will rise the price to a very high level, which mean that many other will jump into the pump, rising the price even more and helping greece in this way
as a result of this, now their bitcoin have a high value, and for them there is no reason to dump anymore, because bitcoin is their official currency
so without any dumping the price will remain high, which mean that another country will follow and so on
in the end everyone will have bitcoin as a official currency and bitcoin price will shoot to the sky, to an unimaginable level