POLL: Cyprus: Cause of Bitcoin price rise or just coincidence?

[Roy Badami]

With mainstream media coverage of Bitcoin pretty universally crediting the rise in value of Bitcoin to the crisis in Cyprus, I'm interested to know what Bitcoiners think?   Is it a primary factor in the recent appreciation of the value of BTC, or just a random coincidence that has been picked up by the media and assumed the status of fact?

roy

[remotemass]

It is not related. Those that say so never believed too much in bitcoin and cannot find any other explanation for the rise of price.
The truth is its growth is now based on a much more mature and steady acceptance of it.

I would say the Cyprus incident did not contribute more to the price rise than bitspend.net and the new bitcoin.org website.

[BitcoinAshley]

By "cause of price rise" do you mean caused it directly by Cypriot investment, or caused it indirectly via speculation? A little of both - but then we can't just jump to a one-to-one-causation on every single rally.

It was part speculation regarding Cyprus (immediately), part actual European investment (starting a week or two later at earliest), part "A BUNCH OF OTHER STUFF" like the press storm and other things that were ongoing at the time. Steady increase in adoption. 

We could debate all day about how important each causative factor was but that's just not fun.

I think the events in Cyprus gave many of us a reminder of "why we do dis" - it's not just to get rich. (Getting rich is a nice side-effect, maybe, and there certainly are people who are just in it for the money.)

[Sander]

If you look at the google searches for bitcoin you see most of it coming from Russia. Russia had a lot of money parked in Cyprus. Cyprus definitely had something to do with the massive rise in value. Directly and indirectly it started to pull more people into bitcoin. Now with the recent media coverage about this massive increase even more people are getting on the bandwagon.

So yes, in my opinion Cyprus was definitely a catalyst.

[bonker]

Cyprus was a catalyst, but fundamentals will drive Bitcoin past $1000

[Zaih]

it's certainly helped. There's no doubt about that, right?