Bitcoin Surges in Argentina as Pro-Bitcoin Candidate Wins Presidential Primary

New All-Time High in Argentina

The price of Bitcoin (BTC) in Argentina has soared to a fresh high following the news of a primary election victory by Bitcoin-friendly presidential candidate Javier Milei. On August 14, 1 BTC reached a value of 10.2 million Argentine pesos (ARS), according to data from CoinGecko.

Rapid Climb in Bitcoin Value

While global cryptocurrency markets are facing a downturn, Bitcoin has experienced a sharp climb in Argentina. Within one hour on Monday, BTC rallied 21%, surging from 8.4 million ARS to 10.2 million ARS.

Steady Rise Against the Argentine Peso

Bitcoin has been steadily gaining value against the Argentine peso since late 2022. According to CoinGecko, BTC has surged over 210% versus ARS since August 17, 2022.

Slight Dip in Price

Since reaching its record high, the BTC price against ARS has slightly dropped. At the time of writing, Bitcoin is trading at 9.9 million ARS, down approximately 3% from its all-time high levels.

Milei's Victory Boosts Bitcoin

The recent rally in Bitcoin's price in Argentina has been attributed to the primary election win by pro-Bitcoin candidate Javier Milei. With more than 30% of votes, Milei is now leading in Argentina's general election in October.

Milei's Vision

Milei aims to abolish the central bank and adopt the U.S. dollar as Argentina's currency. He believes that Bitcoin is a response to "central bank scammers" and highlights that fiat currency enables politicians to exploit Argentines through inflation.

Global Decline in Bitcoin

While Bitcoin has been reaching new highs in Argentina, the cryptocurrency has been experiencing a decline in global markets. Since August 14, BTC has lost 3.7% of its value against the U.S. dollar, dropping below the psychological level of $29,000 on August 16, according to CoinGecko.

Bitcoin's Highs Amidst Inflation

Argentina is not the only country witnessing Bitcoin surge to historic levels due to rampant inflation. Bitcoin has also been trading near all-time highs in Turkey, where the inflation rate reportedly rose to almost 50% in July 2023. In July, BTC reached a value of 819,000 Turkish lira (TRY) per 1 BTC, according to CoinGecko.