Bitcoin price set a new all-time high in Argentina

  • The Bitcoin rate has established a new ATN in the trading pair with the Argentine peso.
  • On February 12, 2024, it reached ARS 40.4 million.
  • One of the reasons for the price jump was rising inflation rates.

On February 12, 2024, the Bitcoin rate showed a significant increase against the national currency of Argentina. The asset price rose above 40 million Argentine pesos (ARS), which is a new all-time high.

At the time of writing, the first cryptocurrency is trading near 40.4 million ARS, according to CoinGecko.

Trading pair BTC/ARS.  Source: CoinGecko
Trading pair BTCARS Source CoinGecko

Judging by the graph, over the past 30 days, Bitcoin has grown by 16% against the national currency of Argentina. On an annual basis, the growth was more than 800%.

Let us recall that in October the first cryptocurrency established ATN in Turkey and Nigeria. One of the reasons for the decline in the purchasing power of national currencies in these countries was high inflation.

A similar situation is observed in Argentina. At the end of 2023, the inflation rate in the country exceeded 200% and reached its highest level in more than 30 years, according to the National Institute of Statistics.

In November, Libertarian Party candidate Javier Miley won the presidential election. He supported cryptocurrencies and promised to abandon the peso to combat inflation in Argentina. Some media outlets call him the “Argentine Trump.”

In January, the first lease agreement with payment in bitcoins was registered in the country. Also, the President of Argentina has publicly stated that he will not interfere with the issuance of crypto assets at the local level.

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