Argentina's inflation has hit 55% this year, caused by a collapse in confidence in the peso. As a result, Argentinians are turning to bitcoin as a hedge to further monetary collapse. No matter what the central bank does, inflation continues to rise. Notably, Tim Draper met with the president of Argentina some time ago and suggested the country adopt bitcoin as the national currency.
https://bitcoinist.com/argentina-central-bank-inflation-bitcoin/Yep, I remember Tim Draper talking to the President and whispering that bitcoin should be treated as a local currency because their fiat has not value at all.
Anyways, it makes sense that people are going nuts on bitcoin either as hedge or just a means to survived.
It was also reported that bitcoin has been reaching records high in localbitcoins volume, indicative that Venezuelan's are turning into bitcoin as we speak.