awaiting another country to go under (cyprus all over again)
How high did bitcoin go up when Cypus went under?
Argentina going under doesn't seem to have any effect on coin price.
The leaked Mt.Gox data shows that practically no Cypriots had accounts on Gox (the dominant exchange at the time).
The Cyprus crisis was just an excuse for a rally and not necessarily the actual reason for it. The real reason for the Q1 2013 rally was due to ''fear of missing out'' by Western techies.
So, bitcoin is over hyped and it will not stop the world from sinking into a black hole of debt.