Yesterday, Bitcoin Magazine reported that Greece had closed its banks and imposed capital controls to prevent financial chaos after the breakdown of bailout talks with its international creditors. The decision came at the end of a weekend that brought Greece closer to “Grexit” – the potential exit from the Eurozone and perhaps the European Union (EU) itself – and confronted Europe with a serious crisis.
Today, Jose Pagliery, the author of “Bitcoin – And the Future of Money,” reports on CNN Money that Greeks are rushing to bitcoin. The article includes testimonials from top bitcoin exchanges such as bitcoin.de, Bitcurex, and China-based LakeBTC, stating that they are seeing a surge of business and inquiries from Greece.
This is, according to Pagliery, a pivotal moment.
“Bitcoin was created as an independent, computerized money in 2009 to provide a stark alternative to government-issued currency held at banks,” he says. “This could be its moment to shine.”
The introduction of capital controls is likely to push people, not only wealthy investors but also ordinary people, to the conclusion that governments and banks couldn’t be trusted with their hard-earned savings. They may then start looking