Greece debt crisis: Bitcoin benefits from market turmoil

d0om

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Quote from: bryant.coleman on July 06, 2015, 04:32:40 AM

Quote from: Tarantino on July 06, 2015, 04:03:05 AM

I doubt its actual Greeks buying bitcoin but non Greeks getting excited and panic buying think Greece will adopt it on some level and bitcoin will go to the moon.

There has been an increase in the Bitcoin trading volumes, which are being reported from Greece. According to the local crypto-exchanges, for the past two weeks or so, they have seen a 300% rise in the trade volumes. That said, the overall volumes remain quite low in Greece, when compared to other nations such as Russia and the United Kingdom.

I would roll with it, if I were Greece.

n2004al

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I don't think that was the Greek crisis the reason of the rising price of bitcoin in rapport with all the currencies (us dollar including). There were rising of volume of transaction in correlation with bitcoin from Greece but I don't think that, that amount was so big to have contributed this increase. According to Reuters in that times: "Most bitcoin-watchers reckon the digital currency's rise is mostly due to speculators betting that capital controls would trigger heavy demand."

rayhan

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Bitcoin can benefit from the whole market turmoil. Greece crisis , then Chinese fallout , the global market is facing hurdles in the development and progress. But people might start resorting to the blockchain technology because most of the time , they guarantee positive response. Bitcoin can get the whole new advantage depending upon the market scenario.

JarvisTechnology

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Since we know that every worry digs out a greater opportunity ,or the hurdles create steps ahead , thats exactly what is happening to bitcoin. After Greece crisi , bitcoin is gaining an upper edge towards other cryptocurrencies, since it is considered the safe haven by the investors or the the potential one.

mezmerizer9

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Quote from: Kakmakr on July 07, 2015, 05:19:58 AM

If I was in Greece now, I would split my savings between Bitcoin and gold as a safe haven. Bitcoin would be a short term investment and also a emergency fund, if I did not have the fiat currency to pay for something. I would not put all my eggs in the Bitcoin bucket, but I will have enough there to survive on, if the situation turns out bad and I have to relocate. ^scary^

I think 60 Euro withdrawal limit one day is imposing to every Greek citizen. Their money are stuck in the bank! Most of them have no extra spare money left for purchasing bitcion. But for outside the Greece, we could get a lesson how to allocate our money!

Kakmakr

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If I was in Greece now, I would split my savings between Bitcoin and gold as a safe haven. Bitcoin would be a short term investment and also a emergency fund, if I did not have the fiat currency to pay for something. I would not put all my eggs in the Bitcoin bucket, but I will have enough there to survive on, if the situation turns out bad and I have to relocate. ^scary^

EternalWingsofGod

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Quote from: bryant.coleman on July 06, 2015, 04:32:40 AM

Quote from: Tarantino on July 06, 2015, 04:03:05 AM

I doubt its actual Greeks buying bitcoin but non Greeks getting excited and panic buying think Greece will adopt it on some level and bitcoin will go to the moon.

There has been an increase in the Bitcoin trading volumes, which are being reported from Greece. According to the local crypto-exchanges, for the past two weeks or so, they have seen a 300% rise in the trade volumes. That said, the overall volumes remain quite low in Greece, when compared to other nations such as Russia and the United Kingdom.

Good point, and fear and uncertainty do lead people towards investing in safe haven assets.
Surpisingly not as much in gold as I would have speculated but Bitcoin may be taking a small portion of that market, out of curiousity if not Greeks it does make me wonder what the pattern is in other Eurozone countries like Spain and Italy where the austerity is still hurting a fair bit.
On the bright side a larger awareness of Bitcoin is always a good thing.

Possum577

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Loose lips sink sigs!

I agree that there's a lot of conjecture over what's driving the rise, and we could all take a side and debate it (which would end up being silly). It is cool to see the alternative option be bitcoin (no surprise), but what media coverage has there been so far mentioning bitcoin? I'm sure I haven't see the articles. The real benefit comes when more people learn about Bitcoin as a result - and the price bump is fun too.

bryant.coleman

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Quote from: Tarantino on July 06, 2015, 04:03:05 AM

I doubt its actual Greeks buying bitcoin but non Greeks getting excited and panic buying think Greece will adopt it on some level and bitcoin will go to the moon.

There has been an increase in the Bitcoin trading volumes, which are being reported from Greece. According to the local crypto-exchanges, for the past two weeks or so, they have seen a 300% rise in the trade volumes. That said, the overall volumes remain quite low in Greece, when compared to other nations such as Russia and the United Kingdom.

Tarantino

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Quote from: LakeBTC on July 06, 2015, 01:47:01 AM

Whether bitcoin's recent rise is due to nervous Greeks, fearful of losing their savings, actually buying it, or (more probably), the result of speculation, is a matter of conjecture. Either way, it's clear bitcoin is having a bit of a moment right now. Rising volumes and a comparative lack of volatility at a time of great macroeconomic uncertainty can only bolster its credentials, though its way too early to describe it as a safe-haven yet.

I doubt its actual Greeks buying bitcoin but non Greeks getting excited and panic buying think Greece will adopt it on some level and bitcoin will go to the moon.

coinsect

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Like you said, at the time of uncertainty, bitcion will bounce back. Ppl are buying it to hedge against the risk of fiat money losing value. As bitcoin's adoption rate increases, ppl will treat bitcoin as a safe haven as gold. We could name it as digital gold. Bitcion has a lot of potential.

LakeBTC

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LakeBTC.com

Ever since Greece imposed capital controls on its citizens, the value of bitcoin, in US dollar terms, has been rising. And it's up again today in Asian trading, by more than 5 per cent.

Let's not get too carried away here. The virtual currency was an absolutely terrible investment in 2014, when a prominent bitcoin exchange collapsed and concerns about its use by criminals lingered. It remains highly volatile and has fallen by more than 15 per cent against the greenback this year.

[...]

Whether bitcoin's recent rise is due to nervous Greeks, fearful of losing their savings, actually buying it, or (more probably), the result of speculation, is a matter of conjecture. Either way, it's clear bitcoin is having a bit of a moment right now. Rising volumes and a comparative lack of volatility at a time of great macroeconomic uncertainty can only bolster its credentials, though its way too early to describe it as a safe-haven yet.

http://www.afr.com/markets/equity-markets/greece-debt-crisis-bitcoin-benefits-from-market-turmoil-20150706-gi5zvf

Topic: Greece debt crisis: Bitcoin benefits from market turmoil (Read 752 times)