• Home
  • Latest
  • Fortune 500
  • Finance
  • Tech
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia

Trendingnow

1

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents

2

Current price of oil as of July 13, 2026

3

Current price of silver as of Monday, July 13, 2026

1

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents

2

Current price of oil as of July 13, 2026

3

Current price of silver as of Monday, July 13, 2026
FinanceGrexit

Here’s what bitcoin companies are doing to woo Greeks

By
Daniel Roberts
Daniel Roberts
Down Arrow Button Icon
By
Daniel Roberts
Daniel Roberts
Down Arrow Button Icon
June 30, 2015, 3:18 PM ET
SPAIN-JAPAN-IT-FINANCE-BITCOIN
A bitcoin ATM is pictured in a commercial area of Barcelona on February 26, 2014. Japanese authorities were today probing the troubled MtGox bitcoin exchange after claims of a multi-million dollar theft from its digital vaults, as US prosecutors reportedly served a subpoena on the company. Bitcoin is a virtual currency that is created from computer code. Unlike a real-world currency like the US dollar or the euro, it has no central bank and is not backed by any government. AFP PHOTO/ JOSEP LAGO (Photo credit should read JOSEP LAGO/AFP/Getty Images)Photograph by Josep Lago — AFP/Getty Images
Add Fortune on Google for similar content.

As their country’s financial system collapses, Greek citizens are desperate to access their money. And vocal businesspeople elsewhere in the world are eager to inform them that they have another option: bitcoin.

Coinbase, a bitcoin exchange, wallet, and arguably the hottest company in the space, announced on Monday that it will waive transaction fees (normally 1%) for all purchases in euros through July 5. Separately, Erik Voorhees, founder of the bitcoin company ShapeShift, has urged the bitcoin community to tweet at Greek citizens and send them $5 in bitcoins using the payment platform ChangeTip.

But leading Greeks to the digital currency isn’t so simple.

Right now, in fact, there are very few ways for anyone in Greece to even obtain bitcoins. Their banks are closed for a week; their ATMs are limiting them to withdrawing 60 euros per day; and as of Tuesday, they cannot use Greek credit or debit cards for online transactions. That means they can’t even take Coinbase up on its offer.

That’s okay, says Fred Ehrsam, cofounder and president of Coinbase, because the company’s motive is to appeal to Europeans who are not in Greece. “If you’re sitting in Europe, you’re seeing a timeline now—you saw Cyprus in 2013, now Greece in 2015—and you’re like, ‘Hmm, my economy isn’t performing particularly well either, and all my assets could be frozen or devalued, that’s scary,'” Ehrsam tells Fortune. “There’s little that [bitcoin companies] can do for people on the ground in Greece. The bigger deal here is if you’re sitting in Italy, Spain, or Portugal, and you’re getting a little nervous, maybe it makes some sense to put value into bitcoin where you’re less susceptible to these things. The doomsday way of saying it would be, ‘Do it before it’s too late.'”

To that end, European activity on Coinbase is up 300% in the last 48 hours, compared to an average week from the past couple months. (There was also a 35% jump in activity from Greece last week, but Ehrsam says that’s coming off of a very low baseline number.)

Bitcoin’s appeal for Greeks, or for anyone whose national banking system is faltering, is that it is decentralized, securely tracked on bitcoin’s blockchain (a public ledger that records all transactions), and can be sent around with little or no fees and little or no transfer delays. And the price of bitcoin is up: it’s risen nearly 4% in the last day, 6% in the last week, and nearly 10% in the last month.

There has been some debate, over the past two weeks, around whether the price bump is coming from Greece. News outlets have run with hyperbolic (and factually suspect) headlines such as “Greeks rush to bitcoin” (CNNMoney) and “Greek citizens eye bitcoin” (Fox News). In reality, most Greeks can’t get bitcoin right now, “eye” it though they might. There are only two ways a person in Greece could get some: from a bitcoin ATM (the country has just one, in Athens) or from meeting up with someone for a face-to-face trade (cash for bitcoins) using the web site LocalBitcoins, a Craigslist-like forum for hand-to-hand bitcoin exchanges.

David Irvine, who works for digital security company Maidsafe, tweeted that bitcoin “wont help [Greeks] at the moment… Hands on spendable cash is issue, need to buy food etc.” Indeed, says Ehrsam, “Any rise in price is not due to Greeks buying bitcoin. First of all, there aren’t that many people in Greece. But more practically speaking, Greece is not particularly forward or technologically savvy. It more goes to periphery countries in Europe. I think people are waking up a little bit.”

Ryan Selkis, director of investments for the Digital Currency Group, agrees. “Greeks aren’t buying, but I’m sure there is some moderate amount of buyers who are speculating that this turns into the next Cyprus. Capital controls and bank closures in general more or less prove the point that states are irresponsible,” he tells Fortune. “The time for Greeks to have put small amounts of savings into bitcoin—call it a 2% rainy week fund—was last week.”

The price rise is not coming from Greece, though it may be partially tied to what is happening in Greece. And, depending on how the Greek crisis plays out, bitcoin believers still see big value in educating Greeks about bitcoin. But not everyone is a fan of the effort to use this crisis as an opportunity. Some critics tweeted to Voorhees that his ChangeTip campaign looks unsavory, and doesn’t help people anyway.

https://twitter.com/coolbearcjs/status/615573346395160576

https://twitter.com/coolbearcjs/status/615583661811851265

.@coolbearcjs @ToneLives @MadBitcoins @ChangeTip The goal is not to help them go shopping. The goal is to help them learn about alternative.

— Erik Voorhees (@ErikVoorhees) June 29, 2015

For Voorhees, Ehrsam, Coinbase, and other bitcoin devotees turning Greek’s fiasco into a bitcoin marketing opportunity, the reward is worth the criticism. And Ehrsam bets that it will have an impact.

“When it’s all said and done,” he says, “I do think it’s probable that awareness of bitcoin will go up in Greece as a result of all this.”

 

 

About the Author
By Daniel Roberts
See full bioRight Arrow Button Icon
Add Fortune on Google for similar content.

Latest in Finance

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025

Most Popular

Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Finance
Lorem ipsum dolor sit amet, consectetur adipiscing elit, sed do eiusmod tempor incididunt ut labore et dolore magna aliqua. Ut enim ad minim veniam
By Fortune Editors
October 20, 2025
Fortune Secondary Logo
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • World's Most Admired Companies
  • See All Rankings
  • Lists Calendar
Sections
  • Finance
  • Fortune Crypto
  • Features
  • Leadership
  • Health
  • Commentary
  • Success
  • Retail
  • Mpw
  • Tech
  • Lifestyle
  • CEO Initiative
  • Asia
  • Politics
  • Conferences
  • Europe
  • Newsletters
  • Personal Finance
  • Environment
  • Magazine
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
  • Group Subscriptions
About Us
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • About Us
  • Press Center
  • Work At Fortune
  • Terms And Conditions
  • Site Map
  • Facebook icon
  • Twitter icon
  • LinkedIn icon
  • Instagram icon
  • Pinterest icon

Latest in Finance

Velocity CEO Eric Queathem smiles as he looks to the far left.
CryptoVenture Capital
Exclusive: Payments startup Velocity raises $38 million to help businesses tap stablecoin growth 
By Camila Grigera NaónJuly 14, 2026
1 hour ago
jobs
CommentaryLabor
Black women’s unemployment rate fell. That’s not the good news you think it is
By Katica RoyJuly 14, 2026
2 hours ago
A Peterson Foundation bus stop sign displays the national debt on June 12, 2026 in Washington, DC.
Economynational debt
United States’ $39 trillion national debt will mean fewer jobs at lower wages for Gen Z, according to think tank
By Eleanor PringleJuly 14, 2026
2 hours ago
Photo: President Trump.
EconomyMarkets
The price of oil shoots upward as Trump demands tolls in the Strait of Hormuz
By Jim EdwardsJuly 14, 2026
3 hours ago
Top CD rates from major banks July 14, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
Personal FinanceCertificates of Deposit (CDs)
Top CD rates from major banks on July 14, 2026: Chase CDs, Bank of America CDs, Citibank CDs, and more
By Joseph HostetlerJuly 14, 2026
3 hours ago
Current price of Ethereum for July 14, 2026
Personal FinanceEthereum
Current price of Ethereum for July 14, 2026
By Joseph HostetlerJuly 14, 2026
3 hours ago

Most Popular

The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
Innovation
The U.S. spent $30 billion to ditch textbooks for laptops and tablets: The result is the first generation less cognitively capable than their parents
By Sasha RogelbergJuly 12, 2026
2 days ago
Current price of oil as of July 13, 2026
Personal Finance
Current price of oil as of July 13, 2026
By Joseph HostetlerJuly 13, 2026
1 day ago
Current price of silver as of Monday, July 13, 2026
Personal Finance
Current price of silver as of Monday, July 13, 2026
By Joseph HostetlerJuly 13, 2026
1 day ago
How Pete Hegseth's DEI order just put Scouting America's future at stake
North America
How Pete Hegseth's DEI order just put Scouting America's future at stake
By Seth T. Kannarr, Derek H. Alderman and The ConversationJuly 13, 2026
18 hours ago
Current price of gold as of July 13, 2026
Personal Finance
Current price of gold as of July 13, 2026
By Danny BakstJuly 13, 2026
1 day ago
The U.S. and Iran can't agree on fully reopening the Strait of Hormuz. The solution could be straight out of the Old Testament
Middle East
The U.S. and Iran can't agree on fully reopening the Strait of Hormuz. The solution could be straight out of the Old Testament
By Jason MaJuly 11, 2026
3 days ago

© 2026 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.