The cover of Bitcoin Magazine exactly 10 years ago, Bitcoin price was $100

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The frontpage of Bitcoin Magazine exactly 10 years ago

The front page refers to the Cypriot banking crisis in 2013.

What happened was basically the aftershock of 2008 global financial crisis....

...Cypriot banks had exposure to Greek government bonds. Greek economy collapsed, bonds became worthless and Cypriot banks suffered major loses. People panicked due to incompetence of their banking sector and wanted to pull out the money...

But NO... On March 18, 2013, Cyprus closed all banks due to concerns regarding a likely bank run

To "fix the issue" EU and IMF provided a bailout package to Cyprus.

Additionally all customers' deposits above 100 000 euros were taxed for 6.75%. The "necessary haircuts" as they called them were necessary to ensure that the burden of the bailout was shared fairly and to prevent a complete collapse of the banking system.

At that time Bitcoin price was $100.

Inspiration for the post: https://mobile.twitter.com/pete_rizzo_/status/1643202405071290371