bitcoin (btc) I’ve reached an all-time high Argentina The pesos – a fact that says more about the struggling fiat than the popular cryptocurrency.
The peso (ARS) has been affected by spiraling inflation in recent years.
This has intensified in recent months, with inflation now above the 100% mark.
BTC popularity, meanwhile, Growing up in Argentina.
Currently, BTC 1 is currently trading for ARS 6,331,980 on most international exchanges.
In contrast, BTC is currently trading for over $28,000 on April 26, down from a mid-April high of over $30,000.
The cap on USD purchases has attracted many Argentines to the BTC and altcoin markets.
Is Inflation Sparking Argentina’s BTC Adoption?
It has been mentioned in several media reports that black market vendors are selling USD bills at more than double their spot market rates.
Some believe that central bank reserves are starting to run dangerously low.
Many experts think that reserves could be halved since 2019.
Some citizens took to the street in protest, claiming that the government’s monetary policy was responsible for the peso’s condition.
Protesters burned an effigy of the International Monetary Fund (IMF) in a recent march.
Presidential elections are to be held in October this year.
Incumbent President Alberto Fernandez announced this month that he would not run for re-election.
media outlet cryptnoticious wrote:
the proximity of the election […] is one of the factors leading [Argentine] The population massed to dispose of the rapidly devalued Argentine peso.
With the increase in demand, some BTC sellers in Argentina are demanding sky-high prices for fiat-to-crypto purchases.
The media outlet reported that “some brokers and exchanges” in the nation were charging prices of up to “ARS 13.5 million” (currently over $61,000) for BTC 1.