itcoin (BTC) has begun trading at a premium in Hong Kong as continued political uncertainty produces a widely-reported spike in demand.
Copycat moves underline fiat distrust
Data from P2P Bitcoin exchange LocalBitcoins showed traders paying around $300 more per coin than elsewhere on Aug. 14, which translates into a premium of around 2%.
Hong Kong is the latest jurisdiction to see investors stump up a higher implied USD price for the cryptocurrency, with Argentina notably in a similar situation this week.
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.