"I don't think it could be for any other reason," he said, explaining that his trading desk expects bitcoin to rise on macro events that are widely seen as potentially harmful to major global currencies. (The euro initially fell broadly on Sunday night following news of Greek capital controls, but it pared many of those losses on Monday.)
Despite several reports that Greeks are looking to bitcoin as they see the money supply getting tight in their country, most experts in the space say that the recent price increase is coming from speculation outside the country—not a mad dash for digital cash inside its borders.
"I've heard some anecdotal stories, but overall this comes from people attributing Greece fallout to what happened to Cyprus last year," said David Bailey, the CEO at bitcoin-focused BTC Media, who explained that the cryptocurrency saw large gains during the Cypriot financial crisis in 2013.
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The bitcoin market is relatively illiquid, so it does not take much buying to move up the price a few percentage points, Bailey said.
"I don't think it's, all of the sudden, a mad dash of Greek folks out there buying bitcoin. I think it's the folks who play in the space who are just going longer for right now," O'Connor said.
Others have confirmed that there is hardly a groundswell of Greek support for bitcoin:
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