The country where the cryptocurrency bitcoin broke a historical record is named

This week, bitcoin has updated its historical high on the Argentine market. The rate of BTC $82,836.13 Bitcoin -1.82% Market capitalization $1.64 trillion VOL. 24 hours $2.63 billion soared to 19.6 million ARS (Argentine pesos) the day before. This broke the record set in November 2021. At that time, the value of one token reached 14.2 million ARS.

Argentina has been in a state of severe financial crisis for several years. The local currency is suffering catastrophic losses, so residents of the Latin American country are forced to look for tools to hedge inflationary risks.

The popularity of precious metals and digital currencies is growing. In August, due to the increased demand, the bitcoin rate on Argentine crypto exchanges rose by more than 20% to 10,268,244 pesos.

The profit of Argentine traders who invested in the cryptocurrency amounted to 38%. On the Bitso platform, the value of bitcoin has soared by 150% in two years. BTC on this exchange rose from 7.84 million ARS to 16.6 million ARS by September 21. During this time, official inflation in Argentina exceeded 300%. Local investors began to move not only to the US dollar and gold, but also to cryptocurrencies and other assets whose price does not depend on the economic policy of the government.

Last August, Argentina partially legalized cryptocurrencies. Citizens of the Mendoza province were able to pay government fees and taxes using cryptocurrencies. At the time, the Mendoza Tax Administration described the new crypto payment service as fulfilling the «strategic goal of modernization and innovation» by providing «taxpayers with different means to fulfill their tax obligations.»