It has been several months since the Greek government and creditors have been trying to hammer out a plan to avoid a default and exit from the euro zone. Over the weekend, talks between the negotiating teams be broken once again, putting Greece closer to leaving the euro currency and possible return to the drachma.

Capital controls have been imposed on Greece to prevent a bank run and including withdrawal limits at ATMs. The Greeks began to fear that their own currency may not mean anything, which led some to move their money into Bitcoin instead.

Bitcoin and Greek buyers

Greece financially savvy who know very well that the reintroduction dirham may leave them with worthless currency has begun to invest in bitcoin, kriptokurensi this could prove to be a better store of value. After the weekend, opened bitcoin prices are significantly higher, as the rally was supported by Greek buyers.

According to Joshua Scigala, co-founder of Vaultoro.com, the company has seen an increase of 12% on purchases bitcoin originating from IP addresses in Greece. This phenomenon is also seen during the crisis in Cyprus a few years ago, which pushed prices higher bitcoin than 700%.

Greece faces a deadline for the payment of EUR 1.6 billion debt to the IMF tomorrow and if they can not meet this obligation, bitcoin can describe the frustration of citizens and expect to maintain their purchasing power. The ECB has refused to extend emergency aid to Greece, which will have a bailout referendum next weekend.

The absence of a solution to the crisis could push more capital flight.