Bitcoin Sees 4% Premium in Argentina as Peso Plummets 30%
William Suberg's original article for cointelegraph.com reduced by 46%
Bitcoin 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 on Monday, the Bitcoin premium was higher, implied BTC/USD passing $12,300 on Buenbit. Bitcoin thrives in economic, political turmoil, proponents say.
As investors consider the fallout and potential exacerbation should October's presidential elections yield repeat results, Bitcoin proponents are eyeing the cryptocurrency's utility in what is becoming yet another market where its advantages are obvious. As trade volumes on P2P exchange Localbitcoins showed signs of increasing, Morgan Creek Digital co-founder Anthony Pompliano suggested the peso could form the first in a chain of developing fiat currencies to disintegrate. As Cointelegraph reported, Latin America has become an unintended crucible for Bitcoin adoption, with Venezuela's crisis leading the way.
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CN [too long; didn’t read]
Summarised crypto news.