The biggest and oldest cryptocurrency, Bitcoin, is currently trading at a 4% premium as the local fiat currency, the Argentinean Peso, loses 30% of its value, Cointelegraph reports on August 13th.
The trading at higher prices has been taking part for some time now, as the local cryptocurrency exchange Buenbit data shows. Once the news of incumbent president Mauricio Macri defeat in the primary elections hit the streets, the value of the peso against the U.S. dollar dropped while the value of $BTC spiked, reaching as much as USD12300 per $BTC on Monday.
The performance of Bitcoin has always been related to traditional markets. However, in the past couple of years we could have witnessed several occasions on which Bitcoin started acting as a store of value, such as in the Venezuelan crisis, and now in Argentina as well. While global events still remain the main drives behind the price movements of Bitcoin, the fact that it seems to hold value as domestic fiat currencies plummet shows the trust people have begun placing in the volatile cryptocurrency market, seeking refuge there.