Bitcoin prices have reached an all-time high in Argentina as inflation continues to ravage the Latin American nation’s economy. Moreover, the country’s presidential race is turning into a three-way competition.
Bitcoin has reached its highest-ever price in terms of Argentinian Pesos, topping 8.4 million ARS for one BTC over the weekend.
Bitcoin Surges in Argentina
Furthermore, BTC prices in Argentina have surged 188% since the beginning of the year. Comparatively, global spot prices in USD have gained around 78% over the same period.
Argentina is suffering epic levels of inflation, which have skyrocketed 63% over the past 12 months to 116%, according to Trading Economics.
Moreover, this monumental inflation has paved the way for a major presidential upset. Far-right firebrand outsider Javier Milei posted a shock win in a primary election on Aug. 13.
The libertarian economist had 30.5% of the vote, which was far higher than predicted, according to reports. The main conservative opposition bloc, ‘Together for Change,’ was behind by 28%, and the ruling Peronist coalition came in third place with 27%.
Milei said,
“A different Argentina is impossible with the same old things that have always failed.”
The population is growing increasingly disgruntled with crippling inflation and a cost of living crisis. Earlier this year, Milei opined, “Obviously, as inflation goes up, more people intend to vote for me.”
Milei casts himself as a savior in a “moral revolution” and is popular with nearly 40% of the population in poverty.
The libertarian economist has proposed swapping the Argentine peso for the US dollar as a national currency and slashing government spending. However, he has not mentioned joining El Salvador in adopting Bitcoin yet.
Argentina’s general presidential election will be held on Oct. 22. To win the presidency, a candidate must secure at least 45% of the votes. Failing to do so will result in a final runoff vote in November.
A Pro-Bitcoin Candidate
Milei is a pro-Bitcoin self-styled anarcho-capitalist that has called for Argentina’s central bank to be abolished labeling it a scam.
“The central bank is a scam, a mechanism by which politicians cheat the good people with inflationary tax,” he previously argued.
Milei has also commented on Bitcoin, stating that it “represents the return of money to its original creator, the private sector.”
Former conservative President Mauricio Macri commented,
“Milei’s growth is a surprise. This speaks of people’s anger with politics.”
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