Argentinian Pesos Continue To Slide In Value As 1 Bitcoin Is Now Worth Nearly 400,000 ARG/BTC
1 Bitcoin (BTC) Is Now Worth 394,000 Argentinian Pesos (ARG), More Than In December 2017
Remember back in December 2017 when Bitcoin (BTC) was reaching all-time highs? Well, in Argentina, new all-time highs are being reached right now. According to the Financial Times, 1 BTC equals 394,000 ARG right now. This means that the token has finally surpassed its price back in 2017.
Why is this happening? The Argentinian Peso has been decreasing a lot in value. The inflation of the Argentinian fiat currency has been wild in the last years, floating at more than 40% yearly.
Josu San Martin, a cryptocurrency investor, has been interviewed by the Financial Times and he affirmed that if an Argentian person bought crypto during the “biggest bubble in history” their money would continue to be the same in value.
Now that the prices are slowly but surely going up once more, people from the country would see their money maintaining most of its value if they invested in BTC.
Last year, the value of the peso was halved and upcoming elections are making it even more devalued. The central bank of the country is struggling to stabilize the funds and the financial market is reacting very badly to the chances that Cristina Fernandez Kirchner, which was the president before, can be elected as the vice president together with Alberto Fernandez.
The current president Mauricio Macri is more liked by the markets but currently has very low popularity in the country and it is not being able to solve any problem, so either way, the peso will lose even more value.