Bitcoin Surges in Argentina as Javier Milei Wins Presidential Primary

Bitcoin Price Reaches New High in Argentina

The price of Bitcoin (BTC) has reached a new all-time high in Argentina following news that Bitcoin-friendly presidential candidate Javier Milei won a primary election on Aug. 13, with 1 BTC valued at 10.2 million Argentine pesos on Aug. 14, according to CoinGecko data.

Global crypto markets may be experiencing a slump, but some areas of the world are still recording new highs for Bitcoin. In Argentina, BTC has seen a sharp rise this week, rallying 21% from 8.4 million ARS to 10.2 million ARS in less than an hour on Monday.

Since late 2022, Bitcoin has been steadily appreciating against ARS. According to CoinGecko, it has skyrocketed more than 210% versus the Argentine peso since Aug. 17, 2022.

Since hitting its peak, the crypto currency today has dropped slightly. At the time of writing, Bitcoin is trading at 9.9 million ARS, down around 3% from its all-time high.

Bitcoin’s Recent Performance in Argentina and Globally

The recent Bitcoin rally in Argentina has been linked to the presidential primary victory of pro-Bitcoin candidate Milei, who won the primary with more than 30% of the votes and is now the frontrunner for the general election in October.

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

Bitcoin has seen record highs in Argentina recently, but the crypto currency has been on a decline in global markets. Since Aug. 14, Bitcoin has lost 3.7% of its value versus the US dollar, dropping below the psychological mark of $29,000 on Aug. 16, according to CoinGecko. The crypto currency has been gradually tumbling over the past 30 days, losing nearly 5% in real time crypto over the period at the time of writing.

Argentina is not the only country that has seen Bitcoin’s crypto price at its highest historic levels amid massive inflation recently. Crypto currency such as Bitcoin has also been trading near all-time high levels in countries like Turkey, where the inflation rate reportedly rose 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. This real time crypto currency has been making waves on crypto currency reddit, with harmony one crypto and other crypto currencies also making headlines this week.