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Hong Kong Is Paying Higher Prices for Bitcoin Amid Political Unrest

in sct •  6 months ago 

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.

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