Bitcoin Price Hits New All-Time High in Argentina

Bitcoin Price Hits New All-Time High in Argentina

Bitcoin price just reached a new all-time high…in Argentina. Rampant inflation in recession-ravaged countries like this highlights more than ever the need for deflationary currencies like Bitcoin.

Bitcoin Price Is Going Wild

Youve noticed that the price of Bitcoin 00 has gone bananas over the last few days. Whether spiked by coordinated buying, enthusiasm over Fidelity or institutional front-running, the news keeps on coming. And the price keeps on climbing.

Microsoft will be launching the first decentralized infrastructure implementation directly on the Bitcoin blockchain.

EBay is gearing up to accept cryptocurrencies. Bakkt may be approved to launch within the next 10 days by the CFTC. You can even buy your sandwiches in BTC at Whole Foods.

All this institutional investment shows that this latest rally is not retail-driven. Although, with Bitcoin trending on Google searches once again, FOMO is about to kick in. BTC price is going in one direction only for the foreseeable future.

Whether it will break through its 2017 ATH is the question on everybodys mind, and in one country, it already has.

Bitcoin New ATH in Argentina

Bitcoin reached a new all-time high in Argentine pesos. The insane pricetag in Argentina’s local currency just goes to highlight even more the need for a deflationary currency like Bitcoin.

Of course, Argentina isnt the only country to have hit new BTC all-time highs. In Venezuela, its impossible to track its price in local currency with an inflation rate of over one million percent per year.

But this is a new one for Argentina whose inflation rate at 50 percent per year looks modest when compared to its South American counterpart.

A glance at the trading volume graphs from Local Bitcoins couldnt be starker. When you see the amount of bitcoin changing hands (in BTC), you’ll notice a small spike this week, but smaller than a few weeks ago–and significantly less than the mania of 2017.

However, when you flip the chart to ARS, the 2017 ATH looks almost insignificant.

The Inevitable Collapse of Fiat

It feels like deja vu. Just four years ago as the now-president of Argentina was running for office, the very same words were spoken. Untamable inflation has always and will always be an issue for countries like Argentina. Reuters pointed out yesterday:

Macris bid to win re-election in a presidential ballot in October will likely be closely tied with his governments ability to rein in inflation that has hammered voters wallets and dragged on economic growth.

Finance professor at Babson College Dr. John Edmunds focused his career on Latin American economies. He believes that inflation isn’t the main issue with the Argentine economy. The fact that its financial system only allows for the top 5-10 percent of the population to gain access to credit is more problematic. He says:

They do so many things well except finance, the financial system is exactly the same as it was in 1860. Every 15 years it collapses, you can pretty much set your watch by it… It maintains the flow of capital into the sectors that the upper-class think should have it.

Bitcoin price may be going wild against the dollar and hyperbolic against the peso, but its price isn’t the greatest news here. Bitcoin offers the people of Argentina a solution to their savings getting wiped out by inflation. It also keeps the government out while letting everyone can access it, not just the top 10 percent.

Will Bitcoin price climb even higher in Latin America? Share your thoughts below!

Images via Shutterstock

The post Bitcoin Price Hits New All-Time High in Argentina appeared first on Bitcoinist.com.

14.05.2019 / 09:30 33
Analyst: Ongoing Bitcoin Rally Driven by a Handful of Strategic Buyers; Where Will They Send BTC Next? Analyst: Ongoing Bitcoin Rally Driven
Over the weekend the crypto markets incurred a massive influx of buying pressure that extended the upwards rally they have incurred over the past
5 Plausible Reasons Bitcoin Price Exploded Over the Weekend 5 Plausible Reasons Bitcoin Price
The buying frenzy may have cooled off a bit, yet Bitcoin is still keeping its head above the $7,000 mark. What caused Bitcoin price to skyrocket this
People Only Want to Buy Bitcoin *After* Price Rises, Google Data Shows People Only Want to Buy Bitcoin *After*
The interest in buying bitcoin appears to lag the cryptocurrency’s price rise. A closer look at trending searches through the past month reveals that
Google Trends Bitcoin Interest Hits 6-Month High Google Trends Bitcoin Interest Hits
Google trends Bitcoin interest hit its highest since April this week as BTC price has taken a beating in the past week. Google Trends ‘Bitcoin’
OkCoin Exchange Launches Operation in Argentina in Conquest of Latin America OkCoin Exchange Launches Operation in
OkCoin, a leading digital asset platform for fiat and token trading headquartered in Beijing, has expanded its operation to Argentina and is about to
Zero to 30: Bitcoin ATMs Come to Argentina as Peso Dives and Inflation Soars Zero to 30: Bitcoin ATMs Come to
With inflation in Argentina expected to rise above 40 percent before the close of the year, the demand for bitcoin in the South American country has
Comments (0)
Add a comment
Comment on