The price of digital currency bitcoin has risen to its highest level since March amid uncertainty over Greece, while gold, the traditional safe haven, has barely budged. The digital currency is trading up 7 per cent from its level on June 26 at $260, according to data from Bloomberg. Gold, however, is down 1 per cent from Friday to $1,173 a troy ounce, writes Henry Sanderson. Bitcoin exchange Coinbase said on Twitter yesterday that it had seen about a 300 per cent increase in bitcoin buying across Europe in the past few weeks, though not much from Greece itself. UBS said in a research note: Latest developments in Greece don't seem to be impacting gold in any meaningful way, certainly not in the same fashion that the market has reacted in the past. Unless there is a rapid deterioration in the situation in Greece in the coming days and weeks, it's difficult to see gold having a more notable reaction. This deterioration would probably come in the form of something similar to what our colleagues in Macro Strategy describe as the worst-case scenario, whereby 'Grexit' occurs and there is no credible policy response.

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