Is the Bitcoin value increase linked to the Greek financial crisis?

By Daniel Zo Bitcoin, Greece, ATM, Euro

If you haven’t been living in a cave, then chances are that you have heard about the Greek crisis, and what this means for the euro if Greece will leave the Eurozone. In light of the recent negotiations that have been going on between the country and the EU representatives, conflicts have begun sprouting throughout Greece, as people have been forbidden to withdraw more than 40 euros from ATMs on a daily basis.

In turn, this has managed to have a positive impact on the cryptocurrency, as more and more Greeks have begun investing their money into Bitcoin, as a way to make sure that they still keep their money even if the euro falls. A similar technique may have been adopted by people from other Eurozone countries, as a fall of the euro is now very likely in case a good decision for all sides is finally reached, and Greece is pulled out of the crisis.

What’s interesting is that the digital currency has already surged around 20% in value from June till the present day, which is quite exciting. Together with this, Coinbase, which is practically the world’s largest Bitcoin trading firm has reported that European activity outside of Greece has also increased by 300%, which is amazing!

While some people believe that the Chinese are responsible for this increase in the value of bitcoin, most of the current events point towards people in the EU, who are trying to be on the safe side in case the euro happens to fall. This is a bit surprising considering the fact that we are talking about one of the world’s largest currencies, and its fall will not only hurt people who have savings made in this currency, but it will also play a strong role in hitting the wold’s financial system. Who thought that a country leaving the Eurozone could cause so much trouble?

Based on everything that has been outlined so far, the popularity of Bitcoin and its value seems to be currently influenced by these factors. In case the austerity measures that have been proposed by the European Union are not respected, then we’re very likely to see a high increase in the price of Bitcoin, but also some financial events that will shape the world’s economy.

What do you personally think about the influence that the Greek crisis has on Bitcoin and other digital currencies? Do let us know your thoughts in the comment section below.