Digital Currencies a Silver Lining in the Dark Cloud of Greece’s Economic Crisis


As the world watches nervously, Greece, under pressure from the European Central Bank, takes the serious step of imposing capital controls: Banks are closed, ATM withdrawals are limited and funds cannot be sent out of the country.

Capital controls will be in place at least until July 7 after Sunday’s citizens’ referendum that will ask Greeks if they want to remain in the European Union and accept their creditors’ terms.

Will Bitcoin benefit from the current crisis?

There’s lots of speculation that the rate of adoption of digital currencies may increase more rapidly as a result of the current crisis in Greece.

CNN makes the case noting:

“The world’s largest Bitcoin exchanges tell CNNMoney they’ve seen a surge of business from Greece.” and

“Ten times as many Greeks are registering to trade bitcoins on the German marketplace than usual, according to CEO Oliver Flaskaemper. Bitcoin trades from Greece have shot up 79% from their ten-week average on Bitstamp, the world’s third-largest exchange.”

In an article on CNBC , Brendan O’Connor, CEO of digital currency-specialists Genesis Global Trading says:

“(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

Read more ... source: TheBitcoinNews