As of now, there is a massive problem which is persisting in both Hong Kong and Argentina. Moreover, this problem is forcing the significant local investors of the cryptocurrency for paying a premium price for using Bitcoin. By the looks of it, the leading cryptocurrency in the world is providing a very less amount of returns.
The investors around these countries are currently unhappy with Bitcoin. These investors are also saying that taking refuge with Bitcoin is not going to benefit in the long run. In addition to this, the value of the Peso did plunge due to the prevailing uncertainty concerning the election.
The local experts in the country said that the most popular cryptocurrency was trading for around $12,000. Moreover, the investors even did check on the leading website, LocalBitcoin.com regarding the value of Bitcoin. The conclusion was the Bitcoin present-day value is around $12,000.
Bitcoin is becoming a better asset around the world
LocalBitcoins is a leading peer-to-peer platform. Moreover, the website also lists that the value of Bitcoin in a country like Argentina is around $12,000. And this also suggests that Bitcoin is getting a premium treatment in Argentina as the cost is 10% higher than the global cryptocurrency exchanges.
In the meantime, in Hong Kong Bitcoin is also getting a premium treatment. Currently, Bitcoin has a 4% premium price in the Chinese state. No wonder that the popularity of Bitcoin is forcing the PBOC to create a new local cryptocurrency. On the other hand, governments across the world still need time to adopt cryptocurrency. As of now, the government of distinctive countries views the cryptocurrency as an abomination to the economy and fiat currency.
Arca, a cryptocurrency hedge fund which resides in Los Angeles, came up with a staggering revelation. The CEO of Arca, Rayne Steinberg, said that Bitcoin is turning into a massive asset across several countries. Bitcoin is becoming famous in countries where there is a devaluation as well as political uncertainty.
Arca also provides an insight as to what is happening with Bitcoin
According to Arca, in the previous week, Bitcoin finally becomes as high as 50% when put into contrast with Peso. The Peso, leading fiat currency of Argentina, in addition to this Peso is also trading around a massive premium across local exchanges. The report suggests that Argentina is not the only country to witness an enormous change in Bitcoin’s value.
A very similar kind of scenario is happening across Turkey, Hong Kong, Venezuela. The premium treatment that Bitcoin is going through across the world also suggests that Bitcoin is trying to protect its assets from plunging is authoritarianism and local currencies.
Nevertheless, the cryptocurrency did go through a decline in the valuation of around 8%. Currently, the value of Bitcoin is approximately $10,890, which is making investors across the oppressed nations to move from one volatile asset to another.
In the previous month, most of the advocates did point out that there is a subtlety in a detrimental increase in correlation of Bitcoin. The value of Bitcoin is still volatile, and it is also doubling down in the year 2019.