BTC takes a premium in Hong Kong and Argentina amid sell-off

BTC takes a premium in Hong Kong and Argentina amid sell-off

The riot in Hong Kong and Argentina made local investors give a premium for Bitcoin.

Elections uncertainty brought to a peso plunge in Argentina and lately, BTC was selling for $12000 on a P2P platform LocalBitcoins, this is 10% greater than on the bulk of crypto exchanges all over the world. Continuing protests in Hong Kong brought to an increased Bitcoin trading price in the city. BTC got 4% higher than common global price.

Rayne Steinberg, leading executive officer at LA-based crypto hedge fund Arca, commented on this: “Bitcoin is an asset of last resort in the cases when currency is devaluating or political situation is uncertain”.

The premiums would seem to support the evidence that BTC is a means of preserving assets from falls in local currencies and authoritarianism. Even so, the cryptocurrency has dropped about 8% to around $10,890 this week, expanding the danger for investors in troubled nations of moving from one volatile asset to another.