Since the beginning of June, the Bitcoin value has grown for nearly 10%, while over the past week only the crypto currency has gained approximately 3%. It is nothing surprising to see the Bitcoin value increasing; however, what got experts’ attention was the coincidence of this happening at a time when Greece is collapsing.
The general opinion whether these two situations are closely related or not is divided. Some believe that the Greek crisis is a perfect chance for the Bitcoin to rise, whereas some analysts see this as just a coincidence that has no real connection whatsoever.
According to CNN Money, the number of Greeks who use Bitcoin marketplace at Bitcoin.de noted a growth of 79%, whereas the number of Greece based users at LakeBTC has increased for 40%. These numbers clearly show that the rise of the Bitcoin is at least a little bit related to the ongoing crisis in the country.
Bitcoin Price Reached High $267.84 on 1st of July
The price of the crypto currency has been constantly growing and according to our price chart at BitcoinPrice.net it reached high $267.85 on the first day of July, 2015. This steep rise started in June when the Bitcoin was worth $230. However, by the end of June the Bitcoin reached $261.79.
The last time Bitcoin’s worth was around $260 was in April, 2015. The start of that month noted a high value of $259.95 and then the Bitcoin started falling; two times its worth was even under $220. However, this strong rise promises better times for the world’s favourite crypto currency.
This high demand of the Bitcoin is expected to continue and even reach its peak until the 5th of July, when the referendum in Greece is scheduled to take place and possibly decide the future of the country.
Therefore, some analysts believe that there is some more steam left in the Bitcoin and even expect its price to reach $273-275. However, if the Greeks vote for the pro-austerity measures, then the Bitcoin might dramatically fall.
Bitcoin Seen as a Safe Alternative to Other Currencies
Greeks wanting to trade their money for Bitcoins makes a lot of sense knowing that their cash is controlled by institutions and their future in the European Union is unknown. Bitcoin is seen as a safe alternative to the Euro as well as other currencies for the Greeks.
However, Bitcoin Charts released a report stating that only 6% of its Bitcoin transactions take place in EUR, whereas the platform Bitreserve claimed only 6% of the Bitcoin it was holding was in EUR.
This similar occurrence was seen in the period from March, 2013 to April, 2013 when the crypto currency’s value spiked by almost 700% in Cyprus after the country introduced capital controls. Citizens were faced with withdrawal limits from their bank accounts; hence, they saw Bitcoin as a way of securing their savings and, at the same time, gain a complete control over them.
Several interesting facts about the Bitcoin are that the currency is legal within Europe and that the value of Bitcoins in circulation is over €1.3 billion. Also, in comparison with July, 2014, when it was fantastic $620-640 during the first weeks of the month, the price of the Bitcoin has noted a huge fall over the past year.