Bitcoin soars in Argentina as Javier Milei wins presidential primary

The 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.

*Argentine pro-Bitcoin presidential candidate Javier Milei. Source: El País*

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.

*Bitcoin versus USD seven-day price chart. Source: CoinGecko*

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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