Post
Topic
Board Speculation
Re: Nice terror attack effect on bitcoin?
by
pooya87
on 16/07/2016, 06:12:00 UTC
Bitcoin don't seem to care about the coup attempt in Turkey either...
Why would it care?  Why would any world news affect the price of bitcoin?  Bitcoin isn't a safe-haven asset.  Look at the price today compared to two months ago--we went from 420 to over 700 very quickly, and that isn't safe.  It could easily have gone the other way.  Besides, everyone knows what gold is and have a good idea that it's a place to park money in turbulent times.  Not a hell of a lot of people know or care about bitcoin.  And most of the ones who do are smoking cigarettes in the dark.

In terms of "safe-haven assets", your points are valid.

However, a general de-stabilisation of governments and/or currency could easily have a positive effect on Bitcoin value. One historical example of this would be Cyprus - I doubt many Cypriots were actually transferring their wealth into Bitcoin, but the idea that an unstable economy could confiscate its citizens funds resulted globally in other people pushing the price up.

And with a country like Turkey, NATO member and land-link to the turbulent Middle East, things could cause more of a dynamic.

well, that is an indirect effect. you can't say that rise was because of the Cyprus or Greece state when in fact the reason for that rise was the HYPE which can be because of anything.

as a bitcoin user/investor when everywhere you look, you see people talking about this and saying people of that country are going to buy bitcoin with all the money they have, you panic about missing out on the rise so you buy.