Bitcoin Reaches New Highs in Argentina
Recently, the price of Bitcoin (BTC) peaked at an all-time high in Argentina, following the victory of presidential candidate Javier Milei – known for his Bitcoin-friendly stance – in a primary election on August 13. As per data obtained from CoinGecko, Bitcoin reached an impressive worth of 10.2 million Argentine pesos (ARS) on August 14.
Bitcoin’s Global Performance
While the global cryptocurrency markets have experienced significant volatility, it’s important to note that Bitcoin is still reaching new all-time highs in certain regions. Argentina is a prime example, with Bitcoin witnessing a sharp rise this week.
The rally led to a 21% jump in BTC from 8.4 million ARS to 10.2 million in less than an hour on Monday. Bitcoin has consistently grown against ARS since late 2022 according to CoinGecko data, showing a 210% increase against the Argentine peso as of August 17, 2022. Currently, after reaching an all-time high, BTC’s price against ARS has slightly decreased and is trading at around 9.9 million ARS.
Bitcoin’s Surge and Javier Milei
The recent surge in Argentina can largely be attributed to the primary win of Bitcoin-supporter Javier Milei. With over 30% of votes, Milei has emerged as the leading candidate for Argentina’s upcoming general election in October. The pro-Bitcoin candidate promotes policies that aim to abolish the central bank and proposes adopting the U.S. dollar as Argentina’s official currency. Milei sees Bitcoin as a counter-reaction to what he labels as “central bank scammers,” as the existing fiat currency system exposes Argentinians to inflation scams.
Bitcoin’s Global Decline
Coincidentally, while Bitcoin is reaching record heights in Argentina, it continues to experience a decline in global markets. Since August 14, Bitcoin has fallen by 3.7% against the US dollar, even dropping below the psychological mark of $29,000 on August 16. This downturn is a continuation of a steady slump over the past 30 days, with a nearly 5% drop as of today.
Outlook for Other Countries
Argentina is not the only country that has recently witnessed record-high Bitcoin rates due to massive inflation. Bitcoin has also been trading close to its peak levels in countries experiencing significant inflation rates, such as Turkey, where the inflation rate rose to almost 50% in July 2023. CoinGecko data reveals that in July, Bitcoin reached its highest level against the Turkish lira (TRY), reaching a notable value of 819,000 TRY per 1 BTC.
Source: Big Questions: Did the NSA create Bitcoin?
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- Milei’s potential influence on Bitcoin trends in Argentina.
