Bitcoin prices are on the move upward. Bitcoin volume trading is on the move upward. Greece is on the move downward to a total collapse. Coincidence? I think not.
Why? This has all happened once before, over two years ago and maybe we can all learn from the experience, especially all the day traders and speculators out there.
Lessons from Cyprus
So let’s take a look at where we’ve been as far as bitcoin price and where we may end up going in the near future. Let’s all be bitcoin speculators, in a week where the Greeks have an entire week to speculate on their economic future, with an extended bank holiday in effect.
Let’s travel back to March of 2013, when less than 1000 km away, Cyprus was going through a similar economic turmoil. The fine details aren’t of great importance here, but what did happen was an economic “bail-in” following a “bank holiday,” which is beginning in Greece today. The holiday in Cyprus lasted over a week, with banks not re-opening on Monday, March 19, and remaining closed until the 28th.
The bank returned at that time with a nice levy of