Bitcoin reportedly traded at an 8 percent premium to hit $12,300 on popular Argentinian Bitcoin exchange Buenbit. This comes shortly after current president Macri lost in a primary vote, hinting of potential re-election of the previous president, Cristina Fernandez. Traditional markets tumbled and, apparently, people turned to Bitcoin as a safe haven once again.
Bitcoin Surges to $12,300 In Argentina
The world’s largest cryptocurrency surged to as much as $12,300 on popular Bitcoin exchange Buenbit in Argentina. Comparably, Bitcoin currently trades at around $11,400 on other major exchanges, signaling an 8 percent premium.
Ex-Bloomberg reporter Camila Russo also notes that Argentines can currently buy US dollars freely, but some are still choosing Bitcoin as a store of value.
This, perhaps, doesn’t come much as a surprise. Amid the political and economic turmoil the country is torn by, inflation rates have hit 55.8 percent in June. Reportedly, this is the highest since 1992 and the peso is tumbling against the USD.
The most recent blow on Argentina’s economy came after the current pro-business president Mauricio Macri lost the preliminary presidential vote to his opponent, the former president Cristina Fernandez by a whopping 16 points. While president, Fernandez nationalized the country’s oil company Repsol’s stake in a local company YPF. She also took over the private pension system and she intervened in the economy with serious restrictions on exports and control over the currency. Read More at CryptoPotato...