Is Bitcoin the New Safe-Haven Currency? Bitcoins Surge After Cyprus Bank Raid

Activist Post

Is Bitcoin now a safe haven currency?  It wasn’t long ago when it was considered merely an interesting crypto-currency to buy illegal drugs on Silk Road. Now, citizens all over Europe appear to be flocking to Bitcoin as the European finance vultures circle above.

Europeans woke up this week with a lot less confidence in their banking system after European finance chiefs and the International Monetary Fund announced their plan to steal from private bank accounts in Cyprus in the form of a one-time “wealth tax” to bailout insolvent banks.

These “taxes” will be frozen and confiscated directly out of citizens’ private accounts.”Most of the 10 billion euros will go to bail out Cypriot banks,” according to the New York Times. Do taxes go directly to private banks now?

No wonder Europeans are furious and scrambling to pull their money out of the banking system and park it somewhere safe. And it appears that some are turning to Bitcoin to escape the clutches of the Troika.

Downloads of Bitcoin apps surged in Europe over the weekend and Bitcoin reached a record high price of $52 yesterday.

BGR writes:

Interestingly enough, several Bitcoin-related apps started spiking on the Spanish iPhone market over the weekend. Bitcoin Gold shot up in the Spanish iPhone Finance category from 498 to 72, and another app called Bitcoin Ticker zoomed from 526 to 52 in just one day. A leading service called Bitcoin App jumped from 194 to 151 between Friday and Sunday as Spaniards brooded over the Cyprus crisis.

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