Bitcoin rate reached a historical maximum, paired with the Argentine peso

Because of the galloping inflation in Argentina, Bitcoin reached an absolute maximum in tandem with the local peso currency, the Financial Times reported.

So, at present, the Argentines are ready to pay 394 thousand pesos for 1 BTC, that is, more than in December 2017.

“If an Argentinean in 2017 acquired Bitcoin at the highest point of the“ greatest bubble in history ”, now he would have more money than he would have deposited in a bank account ,” said cryptocurrency trader Josu San Martin.

The course of the Argentine peso over the past year has fallen by about two times:

TradingView USD / ARS chart

At the same time, the inflation rate in the country exceeded 55%:

Data: tradingeconomics

Thus, in the conditions of double-digit inflation and the rapid devaluation of the national currency, Bitcoin can be an effective means of preserving value.

Note also that Argentines actively use the LocalBitcoins platform to buy Bitcoin:

Data: CoinDance

Earlier, BlockchainJournal published material on why Bitcoin can become a “safe haven” for residents of countries with high inflation.

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