Posted 12/13/2023, 5:41:56 AM
Argentina Devalues Peso, Likely Driving More Toward Bitcoin As Crypto Hits Record Highs
- Newly elected Argentine President devalued the peso by 50% to address economic crisis
- Devaluation aimed to deal with high inflation (143% annually) and other economic issues
- Bitcoin prices in Argentina hit all-time high in pesos days before currency devaluation
- President is a Bitcoin supporter; devaluation likely to push more Argentines toward crypto
- For rest of world, Bitcoin prices declined 2% on the day, now 8% off recent 2023 high