Re: Wall Observer BTC/USD - Bitcoin price movement tracking & discussion

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.

Anyone who thinks the average Cypriot read up on BTC and then bought in within the space of a few days is tripping their tits off. It was inspiration for existing believers to buy more and that's about it.

A lot of russian oligarchs had their money stashed away there. Serious amounts. And they know what BTC is.

http://www.independent.co.uk/news/world/europe/moscows-mafia-finds-an-island-in-the-sun-cyprus-is-awash-with-dubious-dollars-from-russia-robert-fisk-reports-from-limassol-on-the-visitors-with-private-jets-bulging-suitcases-and-a-reluctance-to-answer-questions-1381056.html

http://www.reuters.com/article/2013/05/15/us-cyprus-outflows-insight-idUSBRE94E0BN20130515

http://www.bbc.com/news/business-21831943

These people WOULD use BTC to GTFO.

only if they could actually get to the money... and in which case.... what would they need BTC for.

Get money out Cyprus....? These are not financial geniuses, they are crooks.

? what please explain what you mean.

(edit I did not read the article re suitcases full of cash, yeah using BTC could be useful in that instance. I thought you meant for evading capital controls, ie where the banks/ATMS are shut, internet banking is shut , in that situation BTC would not help)