Worlds First Bitcoin ATM Is Announced - First Location: CyprusSubmitted by emalvini on Wed, 03/27/2013 - 13:53
Worlds First Bitcoin ATM Is Announced - First Location: Cyprus
[Editor's Note: The following post is by TDV Editor-in-Chief, Jeff Berwick]
While European politicos negotiate in Brussels, deciding the fate of other people's money in Cyprus, the free market has already moved in to help Cypriots get access to their money via other means...
Banks have been closed for the last week in Cyprus and if they do re-open on Tuesday, it has now been announced that daily withdrawal limits at ATMs will be 100 euros per day.
As the Cypriot Drama unfolds before our very eyes, I began pondering what tangible solutions there are to bank holidays and bank runs. What could I do to help in Cyprus and all other countries (like Spain, Greece and Italy) for which, as we have predicted at TDV, bank closures are coming? The answer wasn’t hard to come up with. If these people had simply bought bitcoins with their savings, not only would they currently have 100% access to their funds, but also they would have enjoyed a parabolic move to the upside over past months.