- The bitcoin exchange rate has set a new ATN in the trading pair with the Argentine peso.
- On February 12, 2024, it reached the mark of 40.4 million ARS.
- One of the reasons for the price jump was the rising inflation figures.
On February 12, 2024, the bitcoin exchange rate showed a significant increase against Argentina’s national currency. The price of the asset 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.
Based on the chart, bitcoin has gained 16% against Argentina’s national currency over the past 30 days. On a yearly basis, the growth amounted to more than 800%.
Recall, in October, the first cryptocurrency established ATN in Turkey and Nigeria. One of the reasons for the fall 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 the maximum in more than 30 years, according to the National Institute of Statistics.
In November, the candidate from the libertarian party Javier Milay won the presidential election. He supported cryptocurrencies and promised to abandon the peso to overcome inflation in Argentina. Some media outlets are calling him the “Argentine Trump.”
In January, the country registered the first lease agreement with payment in bitcoins. Also, the Argentine president publicly stated that he would not prevent the issuance of cryptoassets at the local level.
