Bitcoin Sees 4% Premium in Argentina as Peso Plummets 30%
Bitcoin (BTC) continues to trade at a premium in Argentina after a sharp currency devaluation sent investors running for a safe haven.
Argentine peso plunges 30%
Data from local cryptocurrency exchange Buenbit put Bitcoin trading around $11,750 at press time Aug. 13, compared to around $11,330 on major global exchanges.
When a shock defeat of incumbent president Mauricio Macri in the primary elections sparked the rout in the Argentine peso (ARS) on Monday, the Bitcoin premium was higher, implied BTC/USD passing $12,300 on Buenbit.
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Signs towards upward trend looking very strong
This is exactly the reason why crypto community works hard to promote cryptocurrencies.
No matter where it heads to but this time BTC is definitely in stronger position to rise about all time high.