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<\/p>\nThe\u00a0price\u00a0of 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 on Aug. 14, according to data from CoinGecko.\u00a0<\/p>\n
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 ARS in less than one hour on Monday.<\/p>\n
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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.<\/p>\n
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.<\/p>\n
The most recent Bitcoin rally in Argentina has been attributed to the presidential primary win by pro-Bitcoin presidential candidate Milei. After winning the primary with more than 30% of votes, Milei is now the front-runner in Argentina\u2019s general election in October.<\/p>\n
Related: <\/em><\/strong>Robert F. Kennedy Jr. vows to back US dollar with Bitcoin if elected president<\/em><\/strong><\/p>\n As previously reported, Milei\u00a0wants to abolish the central bank and adopt the United States dollar as Argentina\u2019s currency. The presidential candidate also believes that Bitcoin is a reaction against \u201ccentral bank scammers,\u201d while fiat currency allows politicians to scam Argentines with inflation.<\/p>\n While Bitcoin has been at its record highs in Argentina recently, the cryptocurrency has been on the decline in global markets.<\/p>\n Since Aug. 14, Bitcoin has lost 3.7% of its value versus the U.S. dollar, dropping below the psychological mark of $29,000 on Aug. 16, according to CoinGecko. The cryptocurrency has been gradually tumbling over the past 30 days, dropping nearly 5% over the period at the time of writing.<\/p>\n Argentina is not the only country that has seen Bitcoin\u2019s price at its highest historic levels amid massive inflation recently. Bitcoin has also been trading near all-time high levels in countries such as Turkey, which reportedly saw its inflation rate rising to nearly 50% in July 2023.<\/p>\n In July, Bitcoin climbed to the highest level versus the Turkish lira, reaching a value of 819,000 TRY per 1 BTC, according to data from CoinGecko.<\/p>\n![](\"https:\/\/s3.cointelegraph.com\/uploads\/2023-08\/106a13d1-38dd-4f03-a189-b9ea15cc0590.png\")
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