People in Greece lined up outside of ATMs on Sunday to withdraw as much cash as they could. Bitcoin supporters argue that the virtual currency is more secure because it's not subject to any government control.
The Bitcoin community is having an "I told you so" moment.
The value of the virtual currency has been on the rise this past month amid the growing panic about Greek’s financial future. Across the country, banks are shuttered and capital controls are in place until the referendum on Sunday. By Saturday, a rush emptied as many as 500 ATMs, Bloomberg reported.
It’s in this context that using Bitcoin may seem appealing. The virtual currency is touted by its fans as the future of finance because it isn’t subject to any governmental control or central authority.
For many, including well-known Internet entrepreneur and businessman Kim Dotcom, the crisis in Greece serves as a huge argument in favor of Bitcoin.
The World is an independent newsroom. We’re not funded by billionaires; instead, we rely on readers and listeners like you. As a listener, you’re a crucial part of our team and our global community. Your support is vital to running our nonprofit newsroom, and we can’t do this work without you. Will you support The World with a gift today? Donations made between now and Dec. 31 will be matched 1:1. Thanks for investing in our work!