As the value of the Argentinian peso is falling, Bitcoin has hit an all-time high, Financial Times writes. 1 bitcoin is now worth 394,000 pesos, surpassing the previous high hit during the cryptocurrency boom of 2017.
“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 bank account,” Josu San Martin, a Mexico City-based cryptocurrency investor, wrote in a tweet.
The peso’s value halved last year, and it fell even lower in April due to the upcoming elections. The peso has fallen despite the Argentinian central bank's ability to use IMF funds to stabilize the value. According to the FT, there has been a negative reaction to the possibility of former president Cristina Fernández de Kirchner returning to power. While Kirchner is not a presidential candidate herself, she is running as deputy to presidential candidate Alberto Fernández.