Bitcoin's First Major Price Breakout In 2013 Happened During A Massive Bank Run

One point that I always like to bring up in discussions about the usefulness of cryptocurrency, is the fact that Bitcoin's first major explosion in value came during a massive bank run. In March of 2013, the government in Cyprus announced that they would involuntarily taking money out of peoples bank accounts to pay for a bailout of the banks.

In those initial weeks where bank accounts in Cyprus were at risk, the price of Bitcoin jumped from around $20 at the end of February to over $100 in the middle of March. Correlation does not always equal causation, but this a trend that even the mainstream media picked up on at the time.

In the midst of the bank run, an article at CNBC stated that:

The price of one bitcoin has popped 87% since Cyprus began discussing tapping deposits as part of the bailout by the EU and IMF. Bitcoins now trade at $88 each, up from $47 on March 16, 2013, according to data from Mt. Gox, the currency's main trading exchange. That compares with just 5 cents per bitcoin in mid-July 2010, when Mt. Gox first started tracking prices.

http://money.cnn.com/2013/03/28/investing/bitcoin-cyprus/index.html

As someone who was watching Bitcoin at the time, I felt like this was one of the first times that the world realized that this technology could be used to store wealth in times of uncertianty.

THIS WAS A STEEMIT EXCLUSIVE!!
++++++++++++++++++++++++++++++++++++++++++++++++++++
Please upvote, follow and resteem if you enjoyed my article and I will return the favor in the comments, even if you happen to disagree with me, I welcome and upvote all good discussion!


John Vibes is an author and researcher who organizes a number of large events including the Free Your Mind Conference. He also has a publishing company where he offers a censorship free platform for both fiction and non-fiction writers. John just won a 3-year-long battle with cancer, and will be working to help others through his experience, if you wish to contribute to his medical bills consider subscribing to his podcast to support at https://www.patreon.com/johnvibes