Greece crisis: Greeks turn to Bitcoin as cashflow restricted

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Bitcoin could be one answer to restricted cashflow in Greece, according to a report by Al Jazeera.

Greeks are looking for alternatives as credit becomes scarce and ATMs stop giving out cash. Small business owners are struggling to keep trading since the banks have closed.

Headlines in Greece have warned that depositer haircuts could mean that 27 and 55 per cent on the money you hold in the bank disappears. Some people are turning to Bitcoin as a safe haven.

The country has a Bitcoin machine but it is still quite unusual for people to use the global currency.

That could be changing: there have been 150 new registrations this week alone.

One shop owner says: “It’s very new in Greece. But I believe because it’s all around the world and it’s very stable, it may catch on here.”