While global cryptocurrency markets are experiencing a significant decline, some regions of the world continue to record all-time highs for Bitcoin. In Argentina, Bitcoin experienced a sharp rise this week, reaching 10.2 million Argentine pesos (ARS) for 1 Bitcoin on August 14, following Javier Milei’s victory in the preliminary elections held on August 13, who is a Bitcoin-friendly presidential candidate according to the data of CoinGecko.
Bitcoin’s Victory Against ARS
While global cryptocurrency markets are experiencing a significant decline, some regions of the world continue to record all-time highs for Bitcoin. In Argentina, Bitcoin experienced a sharp rise this week, reaching 10.2 million Argentine pesos (ARS) for 1 Bitcoin on August 14, following Javier Milei’s victory in the preliminary elections held on August 13, who is a Bitcoin-friendly presidential candidate according to the data of CoinGecko.
At the same time, Bitcoin has been steadily gaining value against ARS since the end of 2022. According to CoinGecko, Bitcoin has increased by more than 210% against the Argentine peso since August 17, 2022. Since reaching a new record level, the BTC price against ARS has slightly decreased. At the time of writing this article, Bitcoin was trading at around 9.9 million ARS, a decrease of about 3% from its all-time highs.
The recent rally of Bitcoin in Argentina has been attributed to the victory of Bitcoin-friendly presidential candidate Javier Milei in the presidential primary. Milei, who won more than 30% of the votes in the primary, is also leading in the general elections to be held in Argentina in October.
As previously reported, Milei wants to abolish the central bank and adopt the US dollar as Argentina’s currency. The presidential candidate also believes that Bitcoin is a reaction against “central bank scammers” and that fiat currency allows politicians to defraud Argentinians through inflation.
Bitcoin Price Continues to Decline
While Bitcoin has reached record levels in Argentina recently, the cryptocurrency has experienced a decline in global markets. According to CoinGecko, Bitcoin has lost 3.7% against the US dollar since August 14, falling below the psychological threshold of $29,000 on August 16. The cryptocurrency has been gradually declining for the past 30 days and has lost about 5% at the time of writing this article.
Argentina is not the only country to see Bitcoin prices at historic highs amid significant inflation. Bitcoin is also trading near all-time highs in countries like Turkey, where the inflation rate is reported to have reached around 50% in July 2023. According to CoinGecko, Bitcoin reached its highest level against the Turkish lira in July, reaching 819,000 TL per BTC.
