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HI-TEC99
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June 25, 2017, 08:10:48 PM
 #1

Italy is bailing out two of its banks with up to $19 billion. Will other banks soon need bailing out? Will the bailouts start people buying Bitcoins?

https://www.bloomberg.com/news/articles/2017-06-25/italy-mobilizes-up-to-19-billion-to-keep-veneto-banks-afloat
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June 26, 2017, 05:42:29 AM
 #2

Italy is bailing out two of its banks with up to $19 billion. Will other banks soon need bailing out? Will the bailouts start people buying Bitcoins?

https://www.bloomberg.com/news/articles/2017-06-25/italy-mobilizes-up-to-19-billion-to-keep-veneto-banks-afloat

There should be a major bank panic and people should start withdrawing all their money from the banks in order to increase bitcoin demand.The italian government and the european central bank will try everything to save the banks,so i don`t think that a financial panic could happen.
Italy isn`t one of the most crypto-friendly countries so i`m skeprical about this,but it could have a small impact over the btc price.


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June 26, 2017, 10:10:17 AM
 #3

The answer is NO, because they did a taxpayer bailout instead of a customer bail-in.

If they'd gone with a bail-in, the perhaps bitcoin might have surged (because people lose all their savings in bail-ins).

 
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June 26, 2017, 02:20:55 PM
 #4

Wow, incredible manipulation by the central banks witnessed this morning.

Central banks and CFTC probably pulled all nighters over the weekend to figure out a bailout plan for the Italian banks, so they could announce the bailout first thing this morning and also strategically time a dumping of $2B worth of paper Gold futures on the market to suppress a flight to Gold.  Either that or the paper Gold dumping was to raise capital for the bailout? Who knows for sure. They are calling it a "fat finger" blunder, lol.

Either way, they succeeded in 'papering over' the Italian bank insolvencies for a little while longer. I don't think it'll hold up for much longer though.

HI-TEC99
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June 26, 2017, 02:49:37 PM
 #5

Wow, incredible manipulation by the central banks witnessed this morning.

Central banks and CFTC probably pulled all nighters over the weekend to figure out a bailout plan for the Italian banks, so they could announce the bailout first thing this morning and also strategically time a dumping of $2B worth of paper Gold futures on the market to suppress a flight to Gold.  Either that or the paper Gold dumping was to raise capital for the bailout? Who knows for sure. They are calling it a "fat finger" blunder, lol.

Either way, they succeeded in 'papering over' the Italian bank insolvencies for a little while longer. I don't think it'll hold up for much longer though.



There was an earlier bank bailout a month or two ago. How long until there are other banks needing bailing out, or bailing in? If there's a few more bankruptcies 'papering over' will become impossible.
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June 26, 2017, 03:02:22 PM
 #6

Italy is bailing out two of its banks with up to $19 billion. Will other banks soon need bailing out? Will the bailouts start people buying Bitcoins?

https://www.bloomberg.com/news/articles/2017-06-25/italy-mobilizes-up-to-19-billion-to-keep-veneto-banks-afloat

There should be a major bank panic and people should start withdrawing all their money from the banks in order to increase bitcoin demand.The italian government and the european central bank will try everything to save the banks,so i don`t think that a financial panic could happen.
Italy isn`t one of the most crypto-friendly countries so i`m skeprical about this,but it could have a small impact over the btc price.

Actually, bail outs increase the confidence that people have in bad banks. Their deposits seem to be protected, even if the bank screws up.
A big moral hazard.
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June 26, 2017, 03:11:20 PM
 #7

If you read the fine print on the Italian bailout deal, the "good" assets are getting sold off to a larger bank for 1 Euro. The "toxic" assets are getting bailed-in by -- you guessed it -- the shareholders.

Why of course.

Privatize successes, socialize losses. Heads the banks win, tails and the people lose.  Roll Eyes
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June 26, 2017, 03:12:41 PM
 #8

bitcoin in italy not popular
until now iam not hear big exchanger and local exchange in italy, so i think is not effect about buying bitcoin and then can incraese bitcoin price

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June 26, 2017, 04:11:11 PM
 #9

Italy is bailing out two of its banks with up to $19 billion. Will other banks soon need bailing out? Will the bailouts start people buying Bitcoins?

https://www.bloomberg.com/news/articles/2017-06-25/italy-mobilizes-up-to-19-billion-to-keep-veneto-banks-afloat

This story is not about bitcoin, it is a country saving it's bank by bailing it out from bankruptcy, if you would want them to work on bitcoin instead I think it is in their own decision, or maybe the bank needs bailing because people are going with bitcoin instead of their fiat money? this could really happen to banks in ending up in a bankruptcy,

but maybe if banks of Italy would surely stick on bitcoin then there is a chance in getting back.

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June 26, 2017, 06:23:52 PM
 #10

bitcoin in italy not popular
until now iam not hear big exchanger and local exchange in italy, so i think is not effect about buying bitcoin and then can incraese bitcoin price


Strangely enough there's a new story in the press section explaining Italy's intentions to try regulating exchanges and introducing a registry for them. Italians will probably just buy from exchanges outside Italy if they bring the new rules in. Is it merely coincidence this story emerged at the same time as the bank bailouts?

New AML Law In Italy With New Rules On Bitcoin Exchangers

The AML4 (Directive 2015/859 UE) was introduced in Italy with its publication in the Italian Official Journal of the Legislative Decree 25th  May 2017, n. 90 (G.U. n. 140 of 19th June 2017) with the total reform of the legislative decree 231/2007.

The European Parliament has not yet approved the modification of AML4 with provisions regarding virtual currency (which will probably occur after discussion in plenary in late October 2017) but Italy anticipates some provisions, including Exchanger as an obliged entity for AML purposes.
The Italian Minister of Economy called for discussion over the draft of this proposed legislation in early December and obtained the opinion of Parliament.
The new rules concerning virtual currencies are included in several articles of the law as well as  the introduction of a specific registry for Virtual Currency Exchange.

https://coinidol.com/aml-law-in-italy-with-rules-on-exchangers/
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June 26, 2017, 08:34:49 PM
 #11

Italy is bailing out two of its banks with up to $19 billion. Will other banks soon need bailing out? Will the bailouts start people buying Bitcoins?

https://www.bloomberg.com/news/articles/2017-06-25/italy-mobilizes-up-to-19-billion-to-keep-veneto-banks-afloat

Several banks have failed and several have equally been bailed out even in my country over here but that does not mean everybody will start coming into bitcoin because only those who are already in the system  will be able to trust it to put their money after the banks have failed them as new entrants might find it difficult to trust the system couple with the current volatility which is now tending towards the downward direction.
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June 26, 2017, 08:58:46 PM
 #12

No. I'm sure no one in Cyprus or Greece bought any Bitcoin out of necessity. It was an excuse for the same old pumpers to have a nice pump.

If anything comes of this it'll be the same. The EU isn't like Venezuela.

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June 26, 2017, 09:21:51 PM
 #13

No. I'm sure no one in Cyprus or Greece bought any Bitcoin out of necessity. It was an excuse for the same old pumpers to have a nice pump.

If anything comes of this it'll be the same. The EU isn't like Venezuela.
Since no bitcoin was mention in the news i think they are no plan to buy bitcoin since the price of bitcoin today from the past few days the price was drop almost $400 if they bought a bitcoin it can be affected bitcoin a lot and increase its value.. Almost 19 billion if invested to bitcoin it can increase 20% or more with the today price..

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June 26, 2017, 09:30:52 PM
 #14

Since no bitcoin was mention in the news i think they are no plan to buy bitcoin since the price of bitcoin today from the past few days the price was drop almost $400 if they bought a bitcoin it can be affected bitcoin a lot and increase its value.. Almost 19 billion if invested to bitcoin it can increase 20% or more with the today price..

If 19 billion was spent on Bitcoin over the course of the next week the price would probably rise to far over one million dollars each unless enough people broke out their BTC to sell. Don't confuse market cap with real money.

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June 28, 2017, 01:06:51 AM
 #15

If you read the fine print on the Italian bailout deal, the "good" assets are getting sold off to a larger bank for 1 Euro. The "toxic" assets are getting bailed-in by -- you guessed it -- the shareholders.

Why of course.

Privatize successes, socialize losses. Heads the banks win, tails and the people lose.  Roll Eyes

This is not a bail-in. Shareholders in any case are expected to take losses.
A bail in is when depositors are also asked to take haircuts, to protect the bank. In this case, that is not happening. The state has pledged support to the "good" bank.
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June 28, 2017, 03:54:32 AM
 #16

Italy is bailing out two of its banks with up to $19 billion. Will other banks soon need bailing out? Will the bailouts start people buying Bitcoins?

https://www.bloomberg.com/news/articles/2017-06-25/italy-mobilizes-up-to-19-billion-to-keep-veneto-banks-afloat

The market more or less already factored in these sort of float and bailouts back with the original Euro Crisis that said this is no small amount that said people do buy and acquire Bitcoin on financial insecurity so it may move the ticker a bit either way.
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