30 Jun '15, 6pm

Greeks flock to Bitcoin

Ahead of a referendum on creditor proposals for Greek reforms in return for vital bailout funds, this week the country's banks are shut and a EUR60 daily withdrawal limit has been imposed. The move appears to have prompted many to turn to cryptocurrencies. Bitstamp says that trades from Greece are currently up 79% on their 10 week average, while German and Chinese-based exchanges are also reporting a surge in users from the troubled country. Whether Bitcoin is of much immediate use to cash-starved Greeks is debatable: according to CNN Athens is home to just half a dozen merchants - including a yacht rental outfit - that accept it. Meanwhile, the crisis appears to be having an effect on Bitcoin's price, with the currency's value rising from around $245 a week ago to $265. Some are betting on a far bigger surge if Greece leaves the Euro, with Bitpay co-founder Tony Gallippi ...

Full article: http://www.finextra.com/news/fullstory.aspx?newsitemid=27538

Tweets

Bitcoin seeks Greeks

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