Bitcoin has surged to unprecedented heights in Argentina, fueled by the triumph of the BTC-friendly presidential candidate, Javier Milei, in the primary vote held on August 13th. This surge comes at a time when global cryptocurrency markets are experiencing a downturn.
Notably, the price of Bitcoin in Argentina skyrocketed to a fresh high, with a single BTC attaining a remarkable value of 10.2 million Argentine pesos on August 14th, as confirmed by data from CoinGecko.
Rapid Ascent Amidst Global Market Slump
While the majority of global cryptocurrency markets are grappling with a downturn, certain regions are witnessing remarkable surges in Bitcoin prices. Argentina, in particular, has emerged as a standout, with Bitcoin witnessing an astonishing ascent this week. Within a span of less than an hour on Monday, BTC rallied an impressive 21%, soaring from 8.4 million ARS to an astounding 10.2 million ARS.
Adding to the impressive narrative, Bitcoin has been steadily and consistently appreciating against the Argentine peso since late 2022. CoinGecko’s data underscores this remarkable growth, revealing that Bitcoin has surged by over 210% compared to the Argentine peso since August 17, 2022.
Following its record-breaking high, the BTC-to-ARS price witnessed a slight dip. At present, Bitcoin is being traded at 9.9 million ARS, marking a minor 3% decrease from its all-time peak.
Milei’s Presidential Primary Victory Sparks Rally
The recent exhilarating rally of Bitcoin in Argentina is largely attributed to the resounding victory of pro-Bitcoin presidential candidate, Javier Milei, in the primary elections. Having secured over 30% of the votes, Milei is now the leading contender for Argentina’s forthcoming general election in October.
Milei’s vision holds the potential to redefine Argentina’s financial landscape. With a fervent commitment to eliminate the central bank and embrace the United States dollar as the nation’s currency, Milei’s stance resonates deeply. He views Bitcoin as a powerful countermeasure against “central bank scammers,” arguing that fiat currency enables politicians to exploit the populace through inflation.
Global Market Trends
While Argentina basks in the glow of its Bitcoin rally, the broader global cryptocurrency market trend remains on a decline. Since August 14th, Bitcoin has experienced a 3.7% decline in value against the U.S. dollar, dipping below the significant milestone of $29,000 on August 16th, as indicated by CoinGecko’s data.
This decline has been a gradual one, with Bitcoin shedding nearly 5% of its value over the past 30 days, measured at the time of writing.
Bitcoin’s Global Resonance
Remarkably, Argentina is not the sole beneficiary of Bitcoin’s meteoric rise amidst widespread inflation. Other nations have also witnessed Bitcoin’s ascent to historic heights. Turkey, grappling with a soaring inflation rate of nearly 50% in July 2023, has seen Bitcoin’s value soar.
In July, Bitcoin reached a remarkable value of 819,000 TRY per 1 BTC against the Turkish lira, according to CoinGecko’s comprehensive data.