The Greeks are to decide not only upon their own fate soon. The whole bitcoin society can hardly wait for the results of the upcoming referendum. On the face of it there must be no connection between Greek crisis and bitcoin. But it appears that sensitive Mediterranean economy positively influences the price of bitcoin.
On Monday the highest price for bitcoin was $255 while at the beginning of June it made up $223. Experts predict the increase in the cost up to $261 in the nearest three months insisting that bitcoin owners should thank Greece for it. Due to illiquidity of bitcoin market its price can gain a few percentage points even without much buying. Let’s look into this strange interdependence.
Indeed cryptocurrencies win when state economy stagnates. The nature of digital currencies itself allows them to benefit in economically difficult for country times. It can be explained by the fact that comparing to physical currencies digital ones are not controlled by one central bank and can circulate avoiding legal reprisals.
It has been alleged quite a lot recently that bitcoin price boost is a result of unprecedented interest of the Greeks in bitcoin. But this version does not stand up to criticism. Most experts see eye to eye that even if the Greeks have serious worries about money supply in the country and panic, the rise was enabled by speculations outside the country.
Brendan O’Connor, CEO of Genesis Global Trading, is among those who foresee even more benefits for bitcoin industry in nearest future: “Bitcoin had been middling around the $235-245 range for several months, and all of the sudden this crisis escalates and you’ve gotten yourself a nice 10-point pop. Greece was likely the only factor behind the digital currency’s upward momentum. I don’t think it could be for any
Originally appeared at: http://www.coinspeaker.com/2015/06/29/greek-crisis-bitcoin-currency-opportunities-10320/