Bitcoin will not see a surge in Greece following this week's debt payment decision, BitMEX's founder has said.
The comment comes as the Greek government is due to make four payments to the International Monetary Fund (IMF) worth $1.8bn this month, with $3.3m due this Friday.
There are concerns that the country does not have the funds to pay and could potentially default on the debt, leading to its exit from the eurozone.
'Like a bullet to the brain'
"If the euro is the problem, switching to bitcoin would be like trying to cure a headache with a bullet to the brain."
The entrepreneur continued to note the main problem was that Greece could not control the printing or issuing of euros, as this fell under the European Central Bank's (ECB) control.
"If Greece were to switch to bitcoin, it would have no ability to control how much of their currency they could issue, and no one could be persuaded to issue more bitcoins," added Casares.
Speculation with regards to Greece's capacity to pay is mounting, but clarity is expected to surface on 5th June.
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