Bitcoin has reached its highest price ever. Now you will look questioningly at the course, and realize that this seems like a mistake. However, it is the case in Argentina; one bitcoin reached the price of 400,000 pesos. During the upward movement in 2017, bitcoin managed to reach around 350,000 pesos. How is this possible?

The peso

The Argentine currency, the peso, is in free fall. The country is in economic trouble. So heavy that the government has asked for help from the International Monetary Fund, the body that monitors the financial stability of 189 countries worldwide. Despite the IMF’s pledge of aid, the currency has fallen from 5 cents to 2 cents per peso. All this in less than two years.

In the meantime, the interest has already been raised to 70%, where we are just not at zero percent in the Netherlands. That too has not prevented bitcoin – despite the decline since the beginning of 2018 – from being a more stable currency than the peso.