The price of Bitcoin (BTC) has jumped to a fresh high in Argentina since the news that Bitcoin-friendly presidential candidate Javier Milei won a primary election on Aug. 13, with 1 BTC reaching a value of 10.2 million Argentine pesos (ARS) on Aug. 14, according to data from CoinGecko.
While global cryptocurrency markets are experiencing a notable slump, some parts of the world are still recording new all-time highs for Bitcoin. In Argentina, Bitcoin has seen a sharp climb this week, with BTC rallying 21% from 8.4 million ARS to 10.2 million in less than one hour on Monday.
At the same time, Bitcoin has been steadily gaining value against ARS since late 2022. According to CoinGecko, Bitcoin has surged more than 210% versus the Argentine peso since Aug. 17, 2022.
Since hitting a new record high, BTC price versus ARS has dropped slightly. At the time of writing, Bitcoin is trading at 9.9 million ARS, down around 3% from its all-time high levels.
The most recent Bitcoin’s rally in Argentina has been attributed to the presidential primary win by pro-Bitcoin presidential candidate Javier Milei. After winning the primary with more than 30% of votes, Milei is now the front-runner in Argentina’s general election in October.
