Upcoming Puerto Rican bankruptcy:Any impact on Bitcoin?

fricircled

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Quote from: elite3000 on January 12, 2016, 07:31:44 AM

So it happened or not?

Since I heard nothing about the fact or possibility, I think the effect will be small at most

The impact will be small. Puerto Rican is almost part of America, it will be saved eventually by the US or the Chinese.

elite3000

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So it happened or not?

Since I heard nothing about the fact or possibility, I think the effect will be small at most

fricircled

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Quote from: Z00 on January 11, 2016, 01:31:28 PM

My guess: Not Puerto Rico will push the Bitcoin price in the next months, but China definitely will.

If the Chinese guys put 0.001% of their wealth into bitcoin, the bitcoin price will go through the roof.

Z00

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My guess: Not Puerto Rico will push the Bitcoin price in the next months, but China definitely will.

helloeverybody

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I think its very unlikely that the majority of puerto rico would end up putting their money (which they can actually get hold of) into bitcoin, but even if we can get a small percentage of those people it would be a great step for bitcoin. I can assume we will suffer a pump from the news though and maybe it will stay higher once said pump is over and done with.

DimensionZ

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Shit, did I leave the stove on?

Aren't Puerto Rico very close friends with the USA? Maybe Obama will offer financial help to bail the country out of the imminent bankruptcy?

fricircled

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Quote from: countryfree on January 10, 2016, 06:48:10 PM

I can't imagine anything happening in Puerto Rico having an effect outside of Puerto Rico. Just look at Greece: it was huge drama for the Greeks, but nothing changed in Germany or in the rest of Europe. Where's Puerto Rico, by the way? I forgot.

As long as there is no run away inflation there, people will not reach for bitcoin to protect their wealth.

Swordsoffreedom

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Quote from: tyz on December 31, 2015, 08:45:03 AM

It is very likely that Puerto Rico will be officially bankrupt on 1st January 2016.
Does it have any impact on Bitcoin and/or crypto currencies?
What do you think?

Just some ripples because of its relationship with the United States
Other than a small contagion effect I don't see a strong enough fear correlation unlike Iceland or Cyprus were.
The politicians are eating it up though being election season and all and Sanders press release etc.

BellaBitBit

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Quote from: countryfree on January 10, 2016, 06:48:10 PM

I can't imagine anything happening in Puerto Rico having an effect outside of Puerto Rico. Just look at Greece: it was huge drama for the Greeks, but nothing changed in Germany or in the rest of Europe. Where's Puerto Rico, by the way? I forgot.

I have to agree with this. We have seen these big crashes come and go with a lot of hype and nothing earth shattering happens to the markets, commodities, precious metals, or bitcoin. I thought Greece was going to have an effect... but nothing.

nonbody

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No, just small islamd.I doubt they have any legit bitcoin business there.

Quote from: countryfree on January 10, 2016, 06:48:10 PM

I can't imagine anything happening in Puerto Rico having an effect outside of Puerto Rico. Just look at Greece: it was huge drama for the Greeks, but nothing changed in Germany or in the rest of Europe. Where's Puerto Rico, by the way? I forgot.

google for you! https://en.m.wikipedia.org/wiki/Puerto_Rico
It has no any resource to produce, rely on imports, has huge amount of debt. I doubt how they will pay off. It is economy correlating with US.

countryfree

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I can't imagine anything happening in Puerto Rico having an effect outside of Puerto Rico. Just look at Greece: it was huge drama for the Greeks, but nothing changed in Germany or in the rest of Europe. Where's Puerto Rico, by the way? I forgot.

jaysabi

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There is a legitimate question as to whether Puerto Rico can even declare bankruptcy. It has already defaulted, but that's not the same as bankruptcy, which is a court action.

Pab

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Deleyed Puerto Rico bankruptcy
You will even not to see that in the newsJP Morgan bankruptcy can be much better

tyz

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Yes, the bankruptsy is delayed because the country has still some reserves to pay the bonds. It is expected that the country will be bankrupt within the next weekss.

http://www.cnbc.com/2016/01/08/insurers-ambac-assured-throw-latest-punch-in-pr-fight.html

Quote from: fricircled on January 10, 2016, 11:10:45 AM

Quote from: Z00 on December 31, 2015, 12:08:49 PM

According to a newspaper, Puerto Rican bankruptcy would be the 4th biggest in the history. The country has got 70 billion USD debt.

It is Jan 10 2016, nothing happened to the Puerto Rican. So the bankruptcy has been avoided or delayed.

fricircled

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Quote from: Z00 on December 31, 2015, 12:08:49 PM

According to a newspaper, Puerto Rican bankruptcy would be the 4th biggest in the history. The country has got 70 billion USD debt.

It is Jan 10 2016, nothing happened to the Puerto Rican. So the bankruptcy has been avoided or delayed.

darkangel11

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If they go bankrupt there should be no impact. If they decide to widen their acceptance of Bitcoin, the impact will be huge.

mobnepal

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Quote from: Z00 on December 31, 2015, 12:08:49 PM

According to a newspaper, Puerto Rican bankruptcy would be the 4th biggest in the history. The country has got 70 billion USD debt.

That may impact in other assets or doesn't impact any at all. But that couldn't have any relation with bitcoin and its price.

Z00

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According to a newspaper, Puerto Rican bankruptcy would be the 4th biggest in the history. The country has got 70 billion USD debt.

jaysabi

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That's a good point. I think anywhere there is considerable inflation, people will be more open to alternative stores of value like Bitcoin. On the other hand, Bitcoin is also extremely volatile compared to the Russian currency, so it's not as if holding Bitcoin is necessarily less risky. Bitcoin can (and frequently does) drop 12 percent in a week, sometimes even a day. That makes a 12% annual inflation rate look stable by comparison. High inflation may move some folks to experiment with Bitcoin, but the risk is high enough that I wouldn't expect mass adoption because of it unless the inflation rate was out of control.

tyz

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Interesting opinion. I did some research. I do not believe in an significant impact, too.

I think that the russian inflation (12.6% this year, higher inflation expected in 2016) will have a much stronger impact.

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