The economics in Greece have been on the edge of disaster for quite some time and most of the world saw it coming. This includes the residents of Greece who leading up to the banking shutdown had withdrawn unprecedented amount of physical Euro’s out of the system. Many in the Bitcoin space used this opportunity to promote the benefits of Bitcoin during a crisis of this magnitude using Cyprus as a real life example that occurred about 2 years ago. This includes myself as I have been talking about the Greek crisis setting off a trend change around June or July in live presentation at Anarchapulco in February, Texas Bitcoin Conference in March, Inside Bitcoin NYC in April and Inside Bitcoin Hong Kong in May.
Most traders are well aware of current events and will always try to gain an edge. Those prepared will pre-emptively enter the market and most likely started buying bitcoins early, anticipating the additional demand coming from Southern Europe. This created a positive cycle where the rise in price drew positive attention and with the help of the mainstream media picking up the “Bitcoin could be the savior of Greece”, created more trader buying and additional positive news. This cycle eventually came to a sudden end the day Greece threw in the towel and signed on the dotted line to go into further debt and create a similar but more severe crisis later this year.
Of course there is no denying the fact that some Bitcoin buying did come from Greece and the surrounding regions, but more positive came out of this development then direct buying. For starters there are now more ATM’s in Greece with CoinOutlet adding one a few days ago. Without a doubt even more are on
Originally appeared at: http://bravenewcoin.com/news/bitcoin-price-analysis-week-of-july-17/