- The significant surge in Bitcoin’s value within Argentina can be attributed to the victory of Bitcoin-friendly presidential candidate Javier Milei in the primary election.
- Milei’s advocacy for radical economic reforms and his support for adopting BTC as a response to perceived central bank manipulation has resonated with voters, leading to a substantial increase in Bitcoin’s value.
- While global cryptocurrency markets have been experiencing a downturn, Argentina stands out as an exception
Bitcoin (BTC) has experienced a significant surge in value within the Argentine market following the victory of Bitcoin-friendly presidential candidate Javier Milei in the primary election held on August 13th. While global cryptocurrency markets have been witnessing a downturn, BTC has reached new heights in Argentina, gaining substantial ground after Milei’s primary win.
Despite the prevailing downward trend in global cryptocurrency markets, certain regions like Argentina have displayed remarkable resilience. The past week has seen a rapid ascent in BTC’s value, with the cryptocurrency witnessing a 21% surge from 8.4 million ARS to 10.2 million ARS in just under an hour on Monday. Notably, Bitcoin has been consistently gaining value against the Argentine peso since late 2022, showcasing a remarkable increase of over 210% since August 17, 2022, according to CoinGecko data.
Milei’s Victory Fuels the Surge
The recent surge in the coin’s value in Argentina is largely attributed to the victory of pro-Bitcoin presidential candidate Javier Milei in the primary elections. Milei’s win, with over 30% of the votes, has positioned him as the leading contender in Argentina’s upcoming general election scheduled for October. He is a vocal supporter of BTC, viewing it as a response to the perceived manipulation by central banks and the inherent vulnerability of fiat currency to political manipulation.
A Reflection of Wider Inflation Woes
Argentina is not the sole nation where BTC’s value has soared to historic highs in the face of rampant inflation. Countries like Turkey have also witnessed similar trends, with Bitcoin trading close to all-time high levels. In Turkey’s case, the inflation rate had reportedly surged to nearly 50% as of July 2023.
The unique combination of political developments, economic perspectives, and global inflation concerns has contributed to the distinct trends observed in BTC’s value within specific markets.