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.

Private jets have weight limits and pallets of hundred dollar bills are heavy compared to jump drives.

right ..... but that is a different discussion all together, there are logistics involved in moving large amounts of hot money no matter how you dice it. Though chances are if you have private jets worth of notes in cyprus stored in a luxury apartment, then you can probably do with not moving it for a month in the case capital controls are in place and all the banks shut and your usual friendly bank manager cannot help you out or you cannot deposit and transfer the cash to an exchange if going down the BTC route.

I was talking about how buying BTC is not an option for people that are already in a country that capital controls have been placed (and maybe expecting a haircut or a massive devaluation) as you would not be able to access those funds to buy BTC with.