With the crisis in Greece still in full swing, faith in the fiat monetary system continues to be stressed given the implementation of capital controls and withdrawal restrictions in the western cradle of civilization. The pundits who said “this can’t happen here” were proven wrong, and if you panicked too late as a Greek citizen chances are you are locked out of your life savings. Quietly at first but now more visible, the Bitcoin price movement has responded positively to all the hub bub in Greece with it reaching fresh 2015 highs of $300+.
Why would Bitcoin of all things trend upwards in a time of market turmoil? For starters, Bitcoin allows you to get around capital controls with borderless payments and private digital wallets. Secondly, there will only be 21 million Bitcoins created when it’s all said and done, so inflation is under control. Lastly, Bitcoin represents a fundamental opting out of the current system that has been so disadvantageous to so many people. Whereas holding gold and silver was the old (but still relevant) way of rebelling against central banking ignorance, Bitcoin allows for a more practical means insultate one’s self outside of the monetary storm.
That’s right, Bitcoin has become a safe haven asset in the digital age. What’s more is that if you think Greece is the last of these large sovereign defaults, you’re probably wrong. Portugal, Spain, and Italy are all on deck and they are much larger than the greek economy…by many multiples in some cases. If you believe that our monetary troubles fueled by debt are far from over in the western world, take a hard look at accumlating some BTC on the next pull back. It might be the one asset that allows you to sidestep capital controls when they come knocking to a nation near you.