It is commonly said that the Cypriot financial crisis of 2013, in which the Central Bank literally emptied the bank accounts of everyday people, is responsible for the first serious rise in the price of Bitcoin.
In response to the forced closure of one of the Cypriot banks and the emptying of thousands of bank accounts, an unprecedented move, the price of Bitcoin jumped from the low double digits to over $150 in a matter of hours. A rise in price of any asset only means one thing: growing demand. Here is a short film that was released right after the events.
Major Events or Normal Events?
There are some, like Nathaniel Popper, who tell quite a different story. While he admits that crisis in Cyprus contributed to the rise, he says it was in fact the efforts of one early adopter, Xapo CEO Wences Caceres, which really drove the price. Here is what he told Epicenter Bitcoin not long ago:
It wasn’t something you could see on the message