Following the surprise victory of crypto-friendly Javier Milei in Argentina’s presidential election, Bitcoin has become the country’s most valuable currency. Bitcoin has stayed consistent, reaching an all-time high of 10.2 million YARs yesterday, according to CoinGecko data, as the peso plummeted.
That figure has recently been reduced to $10.1 million. The record level comes as the country experiences among the world’s highest inflation, and the peso is rapidly losing value. Nonetheless, digital properties are well-liked in the country, with Argentina ranking tenth internationally in cryptocurrency usage final year, according to Chainalysis.
Argentina’s presidential candidate, Javier Milei, has previously been described as a liberal. He’s campaigning for the dismantling of the central financial institution and is a strong proponent of bitcoin ahead of Argentina’s presidential primary election on Sunday.