Market · March 25, 2013
Cyprus bailout seizes uninsured deposits, igniting Bitcoin's first safe-haven rally
Price at event
$74
Today
$73,538
Since then
×996
On 25 March 2013 the Eurogroup finalized a €10bn Cyprus bailout that closed Laiki Bank and confiscated a large share of uninsured deposits (roughly 48% at Bank of Cyprus), after an earlier levy-on-all-depositors plan was voted down on 19 March. As savers contemplated the novelty of their bank balances simply vanishing, Bitcoin ran from roughly $47 in mid-March to about $92 by 28 March, and the "digital gold / escape from bank confiscation" narrative was duly born.
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