Greeks have rushed to Bitcoin as the country’s financial future hangs in the balance.
The digital currency has risen seven per cent since Friday and, at £262, is at its highest level since March. Interestingly, gold – which has long been relied on as a store of wealth during crises – has actually fallen in value. The precious metal is priced 1 per cent lower than on Friday, at $1,168 a troy ounce.
Bitcoin exchanges are reporting increased interest from Greek investors, and with people desperate to store their cash outside the country’s nearly-empty banks, the digital currency may seem like a viable alternative.
Online exchange Bitstamp has had a 350 per cent increase in newly opened accounts by Greek customers in the last three weeks, and said there has been 340 per cent more trading activity coming from the country over the same timeframe.