Bitcoin as a Hedge Against Uncertainty Is An Overstated Narrative
Demand for Bitcoin in Argentina and Hong Kong is such that locals are paying up to 10% above .
The ongoing unrest in both regions has led to soaring Bitcoin demand, as investors look to against the system. And once again, Bitcoin has shown itself to be the default option when times get tough. But is this narrative an accurate reflection of reality?
Argentina’s Financial Markets Tank On Election News
Following the defeat of President Mauricio Macri, in Argentina’s primary elections over the weekend, the country is teetering on the edge of a financial disaster.
The shock defeat to left-wing Alberto Fernández left markets reeling. With the country’s main index, the MERVAL, plunging 48% on Monday to a new YTD low.
The Argentine Peso is also under pressure, having lost 15% of its value against the US dollar as markets opened following the weekend result. One Peso is now worth just under two cents.