Bitcoin Hits All-Time High in Argentina

The price of Bitcoin (BTC) exploded to all-time highs in Argentina after pro-Bitcoin presidential candidate Javier Milei secured the primary vote on August 13th.

As a result of his victory, most market assets, including the Argentine peso, fell. Meanwhile, Bitcoin has surpassed Ethereum as the most popular cryptocurrency in Argentina.

While the 10-million-peso figure is typically seen as the "official" worth of Bitcoin, the Argentine parallel market, sometimes known as the "real value" market, is significantly higher.

The latest BTC price gains in Argentina build on earlier big gains against the Argentine peso, despite the continuous high inflation and devaluation of the local fiat currency.

Argentina's monthly inflation rate jumped to 6.3% in July, while the country's central bank depreciated the ARS by approximately 18% in the aftermath of Sunday's primaries.

According to local sources, the central bank depreciated the ARS by up to 22% and intends to keep the rate set at $350 until the presidential elections in October.

Sources:

https://cointelegraph.com/news/bitcoin-hits-record-highs-in-argentina-as-javier-milei-wins-primary

https://crypto.news/bitcoin-reaches-ath-in-argentina-as-pro-crypto-candidate-wins-primaries/

https://www.cryptotimes.io/btc-apikes-in-argentina-after-pro-bitcoin-javier-mileis-win/

https://cryptopotato.com/bitcoin-explodes-to-new-ath-in-argentina/