CRYPTOCURRENCIES
mania is a repeat of the legendary Tulip mania, whereas the bitcoin bulls will simple say “shut up about the darn tulips already”. Now not to take sides in fear of being lynched, I thought it would be interesting to take look back at Bitcoins previous bull run and see if indeed history could repeat itself.
2013, Bitcoins first major rally
Now I remember 2013 very well, as what occurred affected me directly.
still
much a toddler being
only
of course and what was imposed on Cyprus really poured fuel on the fire of fear of the control that banks and governments have on the everyday person’s money. The Cyprus government was instructed to close the country second- largest bank and to impose a bank deposit
FX
in 2013, Bitcoin was
Back very 5
years old. In January 2013, Bitcoin started the year trading around $12.15 per
coin and
pretty much everyone was still ignoring it. Then something happened on the small Mediterranean island where I have made my home. In March 2013, a financial crisis gripped the island of Cyprus, where the country needed to request a 10-billion-euro bailout from the European Union and the International Monetary fund. This rescue package was not free
levy on deposits of 100,000 euros plus. Banks across the country were closed for weeks to avoid a potential bank run and cash restrictions were imposed on the populous.
It was not a fun time, despite it happening around the time of Cyprus carnival month, I know I lived through it. This small island
with a population of under 1 million was in the headlines across the globe and it made me smile seeing the number of news anchors I watched on a day to day basis on Bloomberg arriving in Nicosia to cover the story. There was a lot of criticism thrown in the direction of the European Union on what was forced upon Cyprus with some media outlets claiming that Cyprus was being treated like a Guinea pig and they could restrict or claim your money anywhere.
Cyprus crisis brought the potential of Bitcoin to the forefront
This whole messy incident brought the potential of Bitcoin
to
the forefront. Un r e g u l a t e d and untouchable from any bank
or government, Bitcoin was a potential answer to making sure that your money was safe. At the beginning of March bitcoin was trading around $32.20 per coin but by the end of March following the Cyprus banking crisis it was trading at the then record of $234.52. The following months it fell back but it was still ranging between $66.83
FX TRADER MAGAZINE January - March 2018 9
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