Cryptocurrency

Bitcoin price Explosion to 12,300 U.S. dollars due to crisis in Argentina

Bitcoin is due to its limitation to a maximum of 21 million units and by the Halvings fixed, predetermined inflation rate on paper is a very good Store of Value. In reality, the looks currently because of the high volatility is (still) different. This is due to the comparatively low market capitalization and low daily trading volume. Nonetheless, many are optimistic that BTC will be in the future, also in practice, as a good store of Value. In crisis-ridden Argentina, many are now apparently to Bitcoin as a Store of Value, as the Bitcoin price rises in the South American country in unusual heights.

Bitcoin exchange rate on high-altitude flight in Argentina

The idea of Bitcoin as a hedge in times of crisis is established, in part, shows the example of Argentina. In the of high Inflation and economic difficulties hit the country of Bitcoin exchange rate now stood on a local stock exchange for a total of 12.300 US dollars, which corresponds to a 25-percent surcharge on the international Bitcoin exchange. For comparison: the BTC course in the international comparison, is currently at about 9.300 dollars.On Reddit, a User brought up an even higher Bitcoin price in the game. This is the day before yesterday,indeed, have been in 759.867,43 ARS (Argentine Peso), so the equivalent of 12.736, 12 U.S. Dollar and, therefore, an even higher premium to the international price. Also, the total trading volume of Bitcoin in Argentina has reached a new all-time high (ATH) in that it exceeds the previous ATH of July.You are trading on the world’s leading Social Trading Platform, you join the millions of people who have already discovered how it smarter to invest by copying the best investors in our Community, or be copied and as a result, a second income can be achieved. Start now!

Argentina is the perfect example for Bitcoin Use Case

The increased Bitcoin exchange rate reflects a trivial way, only the increased demand for a safe store of Value in Argentina. The country is already for a long time in economic trouble and has been struggling with very high Inflation, which is, in some cases even over 50% and by the money of the savers eats. This comes as the country prints money to pay off his debts in dollars to pay back.In order to curb the monetary unrest in the country to a halt, has resorted to the government to take radical measures. So, it is a display of more than 200 US forbidden to buy us dollars as a currency. In addition, purchases of Bitcoin are banned, as reported to us, with credit cards, which doesn’t seem to bother the Bitcoin exchange rate. 10. December takes place in Argentina, a change of government. The current President, Macri will be replaced by Alberto Fernandez, who will take the measures expected to be. We will keep you informed about what is happening in Argentina-to-date.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion was not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.