In all seriousness, the Greek situation demonstrates how important Bitcoin COULD be. There is a nation of 11 Million people who may soon discover that their chequing accounts are part of a high-stakes game of poker between Angela Merkel and Syriza.
There is a 5-15% chance that the Greeks leave the Euro in 2015 and are forced into converting to Drachmas (IMHO). Greek savers will collectively lose Billions of dollars in buying power if that happens.
Most people don't worry about Capital controls, banking panics and access to their life savings until they are faced with a major crisis, and then people make emotional decisions.
That being said - the Cyprus Pump was probably not caused by Cypriots buying BTC hand over fist, and if we get a Greek pump, I doubt that much of the volume will come from Greek people. It is more of idea that the Market recognizes such events as damaging to the present financial system (which has only been in place for 40~ years). It is the same reason Gold may rise if there is a "Grexit" - 80% speculation, 20% increase in real buying. This last paragraph is 90% my biased opinion - as is most of this post lol.
There is a 5-15% chance that the Greeks leave the Euro in 2015 and are forced into converting to Drachmas (IMHO). Greek savers will collectively lose Billions of dollars in buying power if that happens.
Most people don't worry about Capital controls, banking panics and access to their life savings until they are faced with a major crisis, and then people make emotional decisions.
That being said - the Cyprus Pump was probably not caused by Cypriots buying BTC hand over fist, and if we get a Greek pump, I doubt that much of the volume will come from Greek people. It is more of idea that the Market recognizes such events as damaging to the present financial system (which has only been in place for 40~ years). It is the same reason Gold may rise if there is a "Grexit" - 80% speculation, 20% increase in real buying. This last paragraph is 90% my biased opinion - as is most of this post lol.
Greece biggest problem is that they spend more than they make. The USA too, but the Americans have unlimited credit lines and can always print more money.
