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In Spain, The Bitcoin Run Has Started

Posted By admin On March 21, 2013 @ 6:22 am In Money Watch | Comments Disabled

Zero Hedge [1]
March 21, 2013

Something extreme is happening in Europe. Since Sunday, Bloomberg Businessweek reports [2] a trio of Bitcoin apps have soared up Spain’s download charts, coinciding with news that cash-strapped Cyprus was planning to raid domestic savings accounts to pay off a $13 billion bailout tab. “This is an entirely predictable and rational outcome for what’s happening in Cyprus,” says ConvergEx’s Nick Colas. “If you want to get a good sense of the stress European savers are feeling, just watch Bitcoin prices.”

The value of the virtual currency has soared almost 30 percent in the last two days. “One hundred percent of that is due to Cyprus,” says Colas. “It means the Europeans are getting involved.” As German economist Peter Bofinger warned in an interview with Spiegel Online [3]“European citizens must now fear for their money.”

The same apps download data, however, showed that Italians aren’t ready to abandon commercial banking, remarkable as many Italians still recall that black day in 1992 when they woke up to a levy on their savings accounts [4] to prop up the nation’s teetering finances.

The EUR price for a Bitcoin has jumped from around EUR37 to over EUR50 in the last two days as reality hits… and look at the volume…



Nassim Taleb (On Reddit) – via Mike Krieger (@LibertyBlitz):

“Bitcoin is the beginning of something great: a currency without government, something necessary and imperative.”

Chart: Bitcoincharts [6]

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URLs in this post:

[1] Zero Hedge: http://www.zerohedge.com/news/2013-03-20/spain-bitcoin-run-has-started

[2] Bloomberg Businessweek reports: http://www.businessweek.com/articles/2013-03-20/jittery-spaniards-seek-safe-haven-in-bitcoins

[3] interview with Spiegel Online: http://www.spiegel.de/international/europe/interview-with-german-economist-peter-bofinger-on-perils-of-cyprus-bailout-a-889594.html

[4] recall that black day in 1992 when they woke up to a levy on their savings accounts: http://www.lastampa.it/2013/03/19/economia/a-nicosia-l-incubo-atene-giu-le-mani-dai-soldi-oqtF8dECetVT8OjhWFX8UP/pagina.html

[5] Image: http://www.zerohedge.com/sites/default/files/images/user3303/imageroot/2013/03/20130320_BTC.jpg

[6] Bitcoincharts: http://www.bitcoincharts.com/charts/mtgoxEUR#rg5ztgSzm1g10zm2g25zv

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