How the Greece Debt Crisis Showed the World That Bitcoin Is a Store of Value

Written by Colin Kwan, COO of Magnr/ Colin has over 10 years experience in investment banking, including senior management roles at UBS and Deutsche Bank. Colin also holds an MBA from the Australian Graduate School of Management.

Setting the Scene

At the time of writing, the Greece debt crisis appears to have been averted, or at the least delayed. A €50 billion bailout package has been offered, if the Greek parliament agrees to implement extensive reforms that have been demanded by the eurozone. 

Although the risk of a Grexit has been reduced, it has not been eliminated. If the parliament votes to reject these reforms, then a Grexit remains a possibility. Nor does the package change the fact that Greece owes €320 billion to its creditors.

It should be no surprise that the crisis has provoked questions around the safety of government-backed currencies.

If Cyprus and Grexit are anything to go by, there are three solutions to the European debt crises. In each scenario, however, European citizens are left financially vulnerable.

Scenario 1 — A Member Country Defaults and Leaves the Eurozone

In this situation, the government’s pre-euro currency is reintroduced wholly. This would be implemented through a government purchase — or confiscation, from

Read more ... source: Cointelegraph