RATE Group | Argentine Peso Tanks Hard, Could it be Bullish for Bitcoin?
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Argentine Peso Tanks Hard, Could it be Bullish for Bitcoin?

12 Aug Argentine Peso Tanks Hard, Could it be Bullish for Bitcoin?

Posted at 21:15h in Bitcoin News by

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Bitcoin, the world’s number one cryptocurrency by market capitalisation, has been championed by many as a suitable hedge against the often-reckless and self-serving economic policies of governments. This includes episodes of currency devaluation caused by the very threat of such policies.

Such is happening right now in Argentina. Today, the national currency, the peso, has tanked by almost 25 percent versus the US dollar.

Economic Instability Drives People to Bitcoin?

The Argentine peso dropped by close tou 25 percent in some exchange markets as trading opened this morning. News reports claim that the cause of such a plunge is the heavy defeat suffered by President Maurico Macri in this weekend’s party primary elections.

The current centre-right head of state polled 15 points less than his centre-left opponent, the Peronist candidate Alberto Fernandez.

According to a report in France24, Fernandez commented this morning on the election result on a national radio station:

“The…

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