Hong Kong Is Paying Higher Prices for Bitcoin Amid Political Unrest
Copycat moves underline fiat distrust
As Cointelegraph reported, the premium there, which at one point reached $1,000 on LocalBitcoins, was tied to a sudden collapse of the Argentine peso following a surprising defeat of the incumbent president in the primary elections.
Bitcoin premium suggests demand for a politically-neutral digital money
Both events underscore an increasing tendency to treat Bitcoin as a safe haven asset in times of fiat unpredictability. Despite BTC/USD losing around 9% this week, the move pales in comparison to peso holders’ 30% losses over the same period.
The premium, meanwhile, is down to liquidity, Dovey Wan, co-founder of crypto fund Primitive, commented on the Localbitcoins data.