The price of Bitcoin (BTC) has reached an all-time high against the Argentine peso (ARS) as the world’s leading cryptocurrency approaches $9,000. The spike in price is mirrored by a continued decline in the value of the peso.
One Bitcoin, valued at $8,700, is now worth roughly 388,670 pesos, at time of writing. At BTC’s all-time high in December 2017, 340,165 ARS bought one Bitcoin, valued at roughly $20,000, according to data compiled by CoinGecko.
Bitcoin investor Josu San Martin says,
“If an Argentinian had bought Bitcoin at the highest point of the ‘biggest bubble in history’, in 2017, he would have been better off than leaving his money in his Argentinian bank account. So tell me again how Bitcoin is a horrible store of value.”
BTC has climbed back to $8,688 after falling to $7,997 on Sunday and reaching $8,878 on Monday. The price surge kicked off in April, when Bitcoin rose over 23% within three days.
The peso hit a record low in April, as uncertainty over President Mauricio Macri’s reelection continues to boil and the national currency faces high inflation amidst a deepening recession that has plunged 27% of Argentinians into poverty and 5% into extreme poverty.
Earlier in May Bitcoin trading volume hit all-time highs in Argentina, Colombia and Venezuela on the peer-to-peer crypto trading platform LocalBitcoins. Traders in each country moved the highest volumes of their own national currencies in exchange for Bitcoin for the week ending May 11, 2019.
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