Bitcoin soars in Argentina as Javier Milei wins presidential primary

The price of Bitcoin ( $75,792.00 ) (BTC) has jumped to a fresh high in Argentina since the news that Bitcoin ( $75,792.00 ) -friendly presidential candidate Javier Milei won a primary election on Aug. 13, with 1 BTC reaching a value of 10.2 million Argentine pesos (ARS) 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 ( $75,792.00 ) . In Argentina, Bitcoin ( $75,792.00 ) has seen a sharp climb this week, with BTC rallying 21% from 8.4 million ARS to 10.2 million in less than one hour on Monday.

At the same time, Bitcoin ( $75,792.00 ) has been steadily gaining value against ARS since late 2022. According to CoinGecko, Bitcoin ( $75,792.00 ) 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 ( $75,792.00 ) is trading at 9.9 million ARS, down around 3% from its all-time high levels.

The most recent Bitcoin ( $75,792.00 ) ’s rally in Argentina has been attributed to the presidential primary win by pro- Bitcoin ( $75,792.00 ) presidential candidate Javier 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 U.S. dollar as Argentina’s currency. The presidential candidate also believes that Bitcoin ( $75,792.00 ) is a reaction against “central bank scammers,” while fiat currency allows politicians to scam Argentines with inflation.

While Bitcoin ( $75,792.00 ) has been at its record highs in Argentina recently, the cryptocurrency has been on the decline in global markets.

Since Aug. 14, Bitcoin ( $75,792.00 ) 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.

Argentina is not the only country that has seen Bitcoin ( $75,792.00 ) price at its highest historic levels amid massive inflation recently. Bitcoin ( $75,792.00 ) has also been trading near all-time high levels in countries like Turkey, which reportedly saw its inflation rate rising to nearly 50% in July 2023.

In July, Bitcoin ( $75,792.00 ) climbed to the highest level versus Turkish lira (TRY), reaching a value of 819,000 TRY per 1 BTC, according to data from CoinGecko.

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