Bitcoin price in Argentine pesos nears a historical high

Bitcoin prices in Argentine pesos (ARS) are returning to record highs, CoinSafe co-founder and CEO Michael Flaxman noted.

Bitcoin is approaching its all time high in Argentine Pesos!

I know it’s silly unit bias, but it will be neat when a bitcoin costs 1 million Argentine Pesos. pic.twitter.com/rOPU3v94Cj

— Michael Flaxman (@mflaxman) October 10, 2020

“Bitcoin is approaching its record high in Argentine pesos! I understand that this is silly unit bias, but it will be great when BTC reaches 1 million ARS,” he said.

At the time of writing, Bitcoin trades at 877,250 ARS (CoinGecko) and has not yet returned to the historical high relative to the Argentine peso. In August, the price of the leading cryptocurrency reached 897,134 ARS.

BTC price chart in ARS. Source: CoinGecko.

In the same month, the service Coin Dance recorded record trading volumes of Bitcoin in ARS on LocalBitcoins.

Weekly trading volumes of Bitcoin in ARS on LocalBitcoins. Source: Coin Dance.

Since the beginning of October, the ARS to USD exchange rate has remained at a relatively stable level. An analyst attributed the continued rise in Bitcoin’s price in the country to government measures to restrict capital outflows.

Hourly USD/ARS chart. Source: TradingView.

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

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