03-24-2013, 08:51 PM
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Deputy Chief Command
Industry Role:
Join Date: Nov 2005
Posts: 4,482
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Quote:
Financial haven
Financial journalists and analysts have stipulated that there was a correlation between higher bitcoin usage in Spain and the 2012?2013 Cypriot financial crisis, through which bank deposit levies as high as 10% could have been placed on bank deposits; conceding that bitcoin is serving as a sort of financial haven for some European savers.[52][53] Nick Colas, a financial analyst, claimed a rally in the price of bitcoins was ?One hundred percent...due to Cyprus,? and that ?It means the Europeans are getting involved.?
In contrast, as of 2013, the use of bitcoin as a haven is limited for large amounts. As Colas also claims, ?Bitcoin is good if you want to make a deposit of between $1,000 and $10,000. But the liquidity is just not there in the system for multimillion dollar transactions...?[54]
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not too sure now is a good time to jump in to bitcoin, looks like a bubble waiting to burst?
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