Following Pro-Bitcoin presidential candidate Javier Milei win in the primary election on August 13, the price of Bitcoin (BTC) has reached a new high in Argentina.
While global cryptocurrency markets are experiencing a notable decline, Bitcoin continues to set new all-time highs in certain regions. Bitcoin’s value in Argentina increased by 21% in less than one hour on Monday, from 8.4 million ARS to 10.2 million ARS, a 21% increase, according to data from CoinGecko.
Moreover, Bitcoin has been consistently appreciating against the ARS since late 2022. Since August 17, 2022, Bitcoin has increased more than 210% against the Argentine peso, according to CoinGecko.
Since reaching a new record high, the BTC/ARS exchange rate has decreased marginally. At the time of writing, Bitcoin is trading at 9,9 million Argentine Pesos, a decrease of approximately 3% from its all-time high.
The most recent Bitcoin rally in Argentina has been attributed to Javier Milei’s victory in the presidential primary. Having won the primary with more than 30 percent of the vote, Milei is now the front-runner in October’s general election in Argentina.
As previously reported, Milei wishes to abolish the central bank and replace the Argentine peso with the U.S. dollar. The presidential candidate also believes that Bitcoin is a reaction against “central bank scammers,” whereas fiat currency permits politicians to defraud Argentinians through inflation.
While Bitcoin has recently reached record highs in Argentina, it has fallen in value on global markets.
According to CoinGecko, Bitcoin has lost 3.7% of its value against the U.S. dollar since August 14, falling below the psychological $29,000 threshold on August 16. Throughout the past 30 days, the value of the cryptocurrency has progressively declined, falling nearly 5% over the period as of the time of writing.
Recent enormous inflation has pushed the Bitcoin price to all-time highs in numerous nations, including Argentina. Bitcoin has also been trading near all-time highs in countries such as Turkey, whose inflation rate reportedly reached nearly 50 percent in July 2023.
According to data from CoinGecko, Bitcoin reached its highest level against the Turkish lira (TRY) in July, attaining a value of 819,000 TRY per 1 BTC.
