Bitcoin (BTC) prices in Argentina have jumped to new highs since news broke on Aug. 13 that pro-Bitcoin presidential candidate Javier Milei won the primary with 1 BTC achieve According to CoinGecko, it was worth 10 million Argentine pesos (ARS) on August 14.

In Argentina, bitcoin has climbed sharply this week, rising 21 percent from 8.4 million to 10.2 million in less than an hour on Monday.

While the 10 million peso mark is widely regarded as the “official” value of bitcoin, the Argentine parallel market (sometimes referred to as the “real value” market) is even higher than that.

On Aug. 16, the price of bitcoin soared to 20.3 million Argentine pesos per coin, according to local cryptocurrency data source CoinMonitor Argentina. According to statistics, as of the time of writing, the average transaction price of Bitcoin is 19.3 million Argentine pesos. coin monitor According to the data, CoinGecko stated that its “official” value is only 9.2 million ARS.

Bitcoin and Argentine Peso seven-day price chart. Source: CoinGecko

Argentina’s latest bitcoin price rally builds on previous sharp gains against the Argentine peso amid continued massive inflation and devaluation of the local fiat currency.

Argentina Monthly Inflation Rate soar It rose to 6.3 percent in July, while Argentina’s central bank Depreciated After Sunday’s primary election, ARS’ support dropped about 18 percent.According to local sources, the central bank Depreciated The official exchange rate for the ARS is up 22 percent and plans to peg at $350 ahead of the presidential election in October.

Amid long-term inflation and currency devaluation, Bitcoin has been steadily increasing in value against the Argentine peso since the end of 2022. Since August 17, 2022, Bitcoin has soared more than 210% against the Argentine peso, according to data from CoinGecko.

Argentina’s latest bitcoin rally comes as pro-bitcoin presidential candidate Millais wins the presidential primary. Millais is currently leading Argentina’s October election after winning the primary with more than 30 percent of the vote.

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As previously reported, Mire wants to abolish the central bank and adopt the dollar as Argentina’s currency. The presidential candidate also believes that Bitcoin is a response to “central bank crooks,” while fiat currencies allow politicians to deceive Argentines with inflation.

Presidential Candidate Javier Millais of Argentina Supports Bitcoin.Source: Country

While bitcoin recently hit an all-time high in Argentina, the cryptocurrency has been on the decline in global markets.

Since August 14, Bitcoin lost It fell 3.7 percent in value against the dollar, falling below the psychological mark of $29,000 on Aug. 16, according to CoinGecko. The cryptocurrency has gradually fallen over the past 30 days, down nearly 5% as of this writing.

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

Argentina is not the only country where Bitcoin prices have reached all-time highs amid recent massive inflation.Bitcoin is also reportedly trading near all-time highs in countries like Turkey saw In July 2023, the inflation rate rises to nearly 50%.

In July, Bitcoin rose to its highest level against the Turkish lira, reaching 819,000 TRY per 1 BTC, according to data from CoinGecko.

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