Sunday, July 26, 2015

Can Bitcoin be an alternative in euro crisis?

Recently, Bitcoin is focused again.

BNP, the biggest French bank is considering to deal Bitcoin as one of its currency funds. It is now beta-testing, and will publish the result soon.

International Business Times: The French bitcoin revolution: BNP Paribas testing crypto on its currency funds

RT.com: France’s biggest bank BNP Paribas tests bitcoins - media

If major banks accept Bitcoin, it will become more popular, and it is more important, will get public trust. Unfortunately, Utilization of Bitcoin is still not deemed trustworthy even by British citizens, one of most sophisticated investors.

My past entry: Bitcoin is recognised, but not accepted in the UK

Actually, the price of Bitcoin is very volatile. Recently, it was fluctuating by 7% in a day, maybe due to the issue of Greek financial crisis.


Some people think Greek citizens will utilize Bitcoin as an asylum. Currently, Greek banks restrict withdrawal of money. Not a few people can be afraid that the government will get rid of their money. Indeed, in some Latin American countries, Bitcoin is taking a role of protection from the hyperinflation of the local currency.

International Business Times: What Greece can learn from bitcoin adoption in Latin America
 
Though the situation is not the same between Greece in Eurozone and Latin America, it is not surprising if Greek people are attracted to crypt currency.

If the price of Bitcoin is stabilized due to support of mega banks, many people including Greeks will buy Bitcoin. It is potentially a buffer of euro crisis.

Grexit issue is approaching the next challenge, as the Greek government has submitted a new plan of austerity. I am interested how Bitcoin works in this complicated situation.

*Sequel

1 comment:

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