Bitcoin Price Hits All-Time Highs in These Countries, Thanks to Crippling Fiat Currencies

Ben Brown
Bitcoin is proving a popular store of value in countries with failing economies and a crumbling currency. | Source: Shutterstock; Edited by CCN

By CCN: If you thought bitcoin’s recovery to $8,000 was impressive, take a look at these charts below. While most traders are focused on bitcoin’s price in dollars, the recent surge has propelled bitcoin to all-time highs in Argentina and Sudan’s local currencies.

Even if you bought the top of 2017’s bitcoin bubble in Argentine pesos, you’d be in profit right now. As for the Sudanese pound, if you bought the crypto top, you’d have doubled your money today. 

Bitcoin price chart in Argentine pesos

BTC is at a record high against the Argentine peso after inflation ravages the economy. Source: CoinGecko

As fiat currencies in developing nations succumb to rapid inflation and capital controls, bitcoin is proving itself as a powerful store of value and sound money alternative.

Bitcoin as store of value in Argentina

We’ve talked at length of the power of bitcoin in Venezuela where hyperinflation has ravaged the economy. But a similar story is emerging elsewhere in South America, in Argentina.

Inflation in Argentina quietly shot up 50 percent in 2018. That figure is expected to climb a further 36 percent by the end of the year. The country is propped up by a massive $50 billion loan from the IMF and the Argentine central bank has been forced to raise interest rates to 60 percent.

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