News & Views - Savantor

Greece... and BitCoin

Tuesday, 09 June 2015
In recent days/weeks, the difficulties facing the Greek people have reached a point where debit cards no longer work, credit lines have been suspended and capital restrictions limit how much cash they are able to live on. There have been comments in the industry press around whether this is an opportunity for BitCoin, despite there being very few physical outlets throughout Greece where BitCoin can actually be used for every day needs. Some key BitCoin players are getting a little excited about a possible Greek exit from the Euro, and have very optimistic views on the possible (positive) impact for BitCoin. BitCoin is not (yet, at least) the place to put your cash for safe-keeping. The "value" of a BitCoin has fluctuated from around $10 to over $1,000 in a single year and is currently trading at around $250 (having fluctuated approximately 20% in the last month alone). A cryptocurrency is still an uneasy notion for the vast majority of consumers, so this volatility is likely to remain for some time to come. Finally, all the excitement seems to have come from a 79% increase (in places, described as a "surge") in BitCoin trades from Greece over the last 10 weeks. Just to be clear, a 79% increase in Greek BitCoin trades – for what is basically a niche trading market, occupied by a tiny minority of people in the country – is NOT a surge and does not warrant this level of press. BitCoin really isn't where the Greek people need to be putting their money right now, and would be ill-advised to do so.
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