In March/April 2013, the exchange rate of bitcoin soared as a consequence of harsh capital controls introduced in Cyprus. Many people came to the conclusion that governments and banks couldn’t be trusted with their hard-earned savings, and started looking for alternative ways to store value, out of reach of predatory central banks. Bitcoin came to the rescue, and its price shot up as many people rushed to take money out of their saving accounts and buy bitcoin instead.
The recent spike in the exchange rate of bitcoin, which went up 10 percent in the last 24 hours – something unheard of in the last few months of relative stability – has been linked by many analysts to the more and more frequent rumors of Grexit – the spectrum of the possible exit of Greece from the eurozone and perhaps from the European Union (EU) itself.
Before a meeting of eurozone finance ministers, seen as the last realistic chance to reach a deal before Greece has to pay the International Monetary Fund (IMF) at the end of June, Greek PM Alexis Tsipras showed no sign of bowing to demands for cuts in pensions and increases in