Post
Topic
Board Speculation
Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion
by
empowering
on 19/02/2015, 20:38:17 UTC
I don't believe Cyprus had much direct effect on the BTC price. The idea that the Cyprus crisis was causing a price boost was mentioned in the news in the US and Europe, which generated some hype. Some Europeans bought bitcoins, but I don't think much of the buying actually came from Cyprus.

Bitcoin was new and exciting back then. I'm not convinced another financial crisis now would have a similar effect.

I agree, apart from anything else, they had their accounts frozen, out of the blue (ish) and therefore they would not have been able to buy, unless they a) already had cash and in which case, problem already solved no need for BTC, or b) they already held money in accounts abroad, and in which case problem solved. The money they had in accounts in Cyprus apart from the very luck few, had capital controls imposed on them  so they could not buy BTC with them if they wanted.

However, I DO think that the occurrence spoke to many people, I do not think it was entirely insignificant for the argument in favor of decentralised crypto-currencies.

Remember it was not just capital controls, they also got a haircut for their troubles.