06:53 GMT01 June 2020
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    Greece's Gordian Knot: Syriza Tackles Austerity (404)
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    The peer-to-peer digital currency Bitcoin traded at a four-month high on Monday after Greeks voted to reject its international creditors’ proposals in Sunday’s referendum.

    MOSCOW (Sputnik) – Bitcoin’s traded at $273.55 versus the dollar as of 13:00 GMT after opening at $271.02, according to the Coindesk Bitcoin Price Index Chart.

    The surge followed a 61.3-percent "No" vote in the Greek referendum on Sunday, rebuffing the Eurogroup, European Central Bank (ECB) and International Monetary Fund’s (IMF) cash-for-cuts offer to Athens.

    It also followed last week’s decision by Athens to keep Greek banks closed and limit cash withdrawals to 60 euro ($66) as the country battled to head off a banking collapse and maintain liquidity.

    On Saturday, Greece’s Ekathimerini newspaper reported in the run-up to the public vote that average deposits with the only Bitcoin exchange based in Greece and exclusive to Greek citizens had quadrupled over the past three months.

    BTC Greece founder Thanos Marinos is cited by the newspaper as saying the average deposit was around 700 euro ($773). The UK Digital Currency Association board member Adam Vaziri is also quoted as saying that, amid current restrictions, "Bitcoin is the only way to move any value."

    The cryptocurrency, independent from central banks while still being used to purchase goods and services, has been on a steady rise since early June, when it was at a low of $223.20.

    Optimism over the surge, however, is tempered by memories of a similar experience two years ago, when Bitcoin’s price exceeded $1,000 — a tenfold jump on prior valuations — due to the banking crisis in Cyprus, before plummeting shortly after.

    Greece's Gordian Knot: Syriza Tackles Austerity (404)


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