Looming Grexit Gives Hope to Bitcoin Market – BitPay Co-Founder

The potential exit of Greece from the Eurozone could be beneficial for the price of the digital currency Bitcoin, Tony Gallippi, a co-founder and senior executive at the global Bitcoin payment service BitPay said.

MOSCOW (Sputnik) – Greece is unlikely to repay its $1.7-billion debt to the International Monetary Fund due by the end of June, according to remarks by authorities, and faces a default that could push the country out of the 19-nation Eurozone.

Turbulence in the conventional currency market sent Bitcoin soaring by 10 percent in mid-June, according to Gallippi.

After the Greek government implemented capital controls to prevent bank runs, Gallippi said he expected Bitcoin prices to top $610 and go as high as $1,250 if Greece quits the single currency euro.

"The Bitcoin market just needs a little grease to get unstuck," he tweeted.

The price of the cryptocurrency has been climbing steadily ahead of the June 30 deadline for the Greek debt repayment. As of Monday, it had been trading at $255.

Bitcoin saw a similar surge following the banking crisis in Cyprus two years ago when its price jumped tenfold to top $1,000 before crashing.

Bitcoin is a digital currency that can be used like any other currency to purchase goods and services from stores and online retailers. Its independence from central banks and governments sets it apart from conventional currencies.