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The value of Bitcoin (BTC) has surged to a new peak in Argentina following the announcement that Bitcoin-supportive presidential candidate Javier Milei secured a primary election victory on Aug. 13, with 1 BTC reaching a price of 10.2 million Argentine pesos on Aug. 14, as reported by CoinGecko.
While the global cryptocurrency market is facing a significant downturn, certain regions continue to witness new all-time highs for Bitcoin. In Argentina, Bitcoin has experienced a rapid increase this week, with BTC rising 21% from 8.4 million ARS to 10.2 million ARS in under an hour on Monday.
Bitcoin versus the Argentine peso seven-day price chart. Source: CoinGecko
Concurrently, Bitcoin has been consistently appreciating against ARS since late 2022. As per CoinGecko, Bitcoin has increased by over 210% against the Argentine peso since Aug. 17, 2022.
Following the recent record high, the BTC price against ARS has slightly decreased. At the time of this report, Bitcoin is trading at 9.9 million ARS, reflecting a decline of approximately 3% from its peak levels.
The latest Bitcoin surge in Argentina is linked to the primary election success of pro-Bitcoin candidate Milei. After securing more than 30% of the votes in the primary, Milei is now leading in Argentina’s general election scheduled for October.
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As previously noted, Milei aims to eliminate the central bank and replace it with the United States dollar as Argentina’s official currency. The presidential candidate also views Bitcoin as a response to “central bank scammers,” asserting that fiat currency enables politicians to deceive Argentines through inflation.
Argentine pro-Bitcoin presidential candidate Javier Milei. Source: El País
Despite Bitcoin reaching record highs in Argentina recently, the cryptocurrency has been declining in global markets.
Since Aug. 14, Bitcoin has experienced a 3.7% decrease in value against the U.S. dollar, falling below the significant threshold of $29,000 on Aug. 16, according to CoinGecko. The cryptocurrency has been steadily decreasing over the past 30 days, with a nearly 5% drop during that timeframe at the time of this report.
Bitcoin versus USD seven-day price chart. Source: CoinGecko
Argentina is not the sole nation experiencing Bitcoin’s price at historic highs amid significant inflation recently. Bitcoin has also been trading close to all-time high levels in countries like Turkey, which reportedly saw its inflation rate rise to nearly 50% in July 2023.
In July, Bitcoin reached its highest value against the Turkish lira, attaining a price of 819,000 TRY per 1 BTC, according to data from CoinGecko.
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