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.
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.
If an Argentinian had bought Bitcoin at the highest point of the "biggest bubble in history", in 2017, he would have been better off than leaving his money in his Argentinian bank account. So tell me again how Bitcoin is a horrible store of value. pic.twitter.com/55YuAi9vD4
— Josu San Martin (@josusanmartin) May 19, 2019
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.