Bitcoin soars in Argentina as Javier Milei wins presidential primary
1 min readThe price of Bitcoin (
As previously reported, Milei wants to abolish the central bank and adopt the United States dollar as Argentina’s currency. The presidential candidate also believes that Bitcoin is a reaction against “central bank scammers,” while fiat currency allows politicians to scam Argentines with inflation.
While Bitcoin has been at its record highs in Argentina recently, the cryptocurrency has been on the decline in global markets.
Since Aug. 14, Bitcoin 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’s price at its highest historic levels amid massive inflation recently. Bitcoin has also been trading near all-time high levels in countries such as Turkey, which reportedly saw its inflation rate rising 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.
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