Bitcoin price hits new record high in Argentina
Argentina's pesos have crashed 99% versus the U.S. dollar since the beginning of the currency crisis in 2018. Last week, the price of Bitcoin (BTC) reached a record high in Argentine Pesos (ARS) terms following persistent inflation in Argentina. Argentina's inflation pushes BTC price to all-time high On April 18, the BTC-to-ARS exchange rate crossed over 6.59 million ARS, according to aggregated price data tracked by Google Finance. Since the peak, the rate has corrected to around 6 million ARS, down 9%, but still up more than 100% year-to-date (YTD). BTC/ARS price performance so far in 2023. Source: Google Finance Bitcoin's growth in the Argentine Markets coincides with the continuous ARS devaluation. For instance, traders were paying as low as 460 ARS to buy a Dollar note from the black market on April 24 — more than double the official spot rate that pays 220 ARS for the dollar. FMyA, a U.S.-based consultancy firm, notes that the Argentine central bank's reserves ...