- The Bitcoin rate has reached a new all-time high against the Argentine peso trading pair on February 12, 2024.
- At the time, it surpassed ARS 40.4 million.
- This surge in price can be attributed to the increasing inflation rates in Argentina.
On February 12, 2024, the Bitcoin rate soared to unprecedented heights against the national currency of Argentina. The value of this digital asset surpassed 40 million Argentine pesos (ARS), creating a new record.
As per the latest data from CoinGecko, Bitcoin is currently trading around 40.4 million ARS.
Based on the graph, Bitcoin has observed a 16% growth against the Argentine peso over the past 30 days. In the span of a year, it has experienced an impressive growth of over 800%.
In October, Bitcoin also achieved all-time highs against the Turkish lira (TRY) and Nigerian naira (NGN). The devaluation of these national currencies due to high inflation rates played a significant role in this trend.
A similar scenario unfolds in Argentina, where the country experienced an inflation rate exceeding 200% by the end of 2023, marking the highest level in over three decades according to the National Institute of Statistics.
In November, Javier Miley, a candidate from the Libertarian Party, emerged as the winner of the presidential election. He expressed support for cryptocurrencies and pledged to combat inflation in Argentina by abandoning the peso. Some media outlets have likened him to the “Argentine Trump.”
In January, Argentina registered its first lease agreement with Bitcoin as the payment method. Additionally, the President of Argentina publicly stated his non-interference with the issuance of crypto assets on a local level.