Bitcoin hits record high in Brazilian real and Argentine peso pairs

The price of the first cryptocurrency reached an all-time high in pairs with Brazil’s real and Argentina’s peso. Economist Julio Moreno noted this.

#Bitcoin price in different currencies and % of all-time high.
New all-time high for Bitcoin in Brazilian Reals and Angentine pesos. pic.twitter.com/4c1FDRJa1u

— Julio Moreno 🔴🔴🔴🔴 (@jjcmoreno) October 22, 2020

User Greedy noted that since 2017, when BTC reached $20 000, the BTC/ARS rate has risen by 525%.

Argentina actual price is 2.5M

When BTC reached 20k in USD back in 2017, BTCARS was worth less than 400,000. That is 525% since then. pic.twitter.com/ryz8Wt96zW

— Greedy 🔴 (@Camo87586449) October 23, 2020

According to TradingEconomics, Argentina’s inflation rate in September stood at 36.6%.

Data: TradingEconomics.

According to CoinGecko, 1 BTC is worth a little over 1 million ARS in Argentina:

However, the average price to buy BTC in pesos on the LocalBitcoins P2P platform exceeds 2 million ARS. This may indicate a substantial divergence between the official peso rate and the real market rate.

Source: LocalBitcoins.

The price of Bitcoin is near highs in other Latin American countries as well — Chile, Colombia — and also in South Africa and Russia.

At the time of writing, bitcoin trades about 35.6% below its late-2017 all-time high in USD terms.

Data: Messari.

In April, interest in bitcoin in Argentina surged amid expectations of a default.

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