Bitcoin soars in Argentina as Javier Milei wins presidential primary

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The price of Bitcoin (BTC) has jumped to a fresh high in Argentina since the news that Bitcoin-friendly presidential candidate Javier Milei won a primary election on Aug. 13, with 1 BTC reaching a value of 10.2 million Argentine pesos on Aug. 14, according to data from CoinGecko. 

While global cryptocurrency markets are experiencing a notable slump, some parts of the world are still recording new all-time highs for Bitcoin. In Argentina, Bitcoin has seen a sharp climb this week, with BTC rallying 21% from 8.4 million ARS to 10.2 million ARS in less than one hour on Monday.

Bitcoin versus the Argentine peso seven-day price chart. Source: CoinGecko

At the same time, Bitcoin has been steadily gaining value against ARS since late 2022. According to CoinGecko, Bitcoin has surged more than 210% versus the Argentine peso since Aug. 17, 2022.

Since hitting a new record high, BTC price versus ARS has dropped slightly. At the time of writing, Bitcoin is trading at 9.9 million ARS, down around 3% from its all-time high levels.

The most recent Bitcoin rally in Argentina has been attributed to the presidential primary win by pro-Bitcoin presidential candidate Milei. After winning the primary with more than 30% of votes, Milei is now the front-runner in Argentina’s general election in October.

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As previously reported, Milei wants to abolish the central bank and adopt the United States dollar as Argentina’s currency. The presidential candidate also believes that Bitcoin is a reaction against “central bank scammers,” while fiat currency allows politicians to scam Argentines with inflation.

Argentine pro-Bitcoin presidential candidate Javier Milei. Source: El País

While Bitcoin has been at its record highs in Argentina recently, the cryptocurrency has been on the decline in global markets.

Since Aug. 14, Bitcoin has lost 3.7% of its value versus the U.S. dollar, dropping below the psychological mark of $29,000 on Aug. 16, according to CoinGecko. The cryptocurrency has been gradually tumbling over the past 30 days, dropping nearly 5% over the period at the time of writing.

Bitcoin versus USD seven-day price chart. Source: CoinGecko

Argentina is not the only country that has seen Bitcoin’s price at its highest historic levels amid massive inflation recently. Bitcoin has also been trading near all-time high levels in countries such as Turkey, which reportedly saw its inflation rate rising to nearly 50% in July 2023.

In July, Bitcoin climbed to the highest level versus the Turkish lira, reaching a value of 819,000 TRY per 1 BTC, according to data from CoinGecko.

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