Bitcoin is up 83% year to date against the peso as the currency devalues on a weekly basis.
Highlights
- Argentina’s annual inflation rate surpassed 100% in February, marking a 30-year high since the nation’s hyperinflationary period in 1991.
- Bitcoin has appreciated against the Argentine Peso by 20% over the past year, despite posting a 34% drop against US dollars over the same period.
- The rapid debasement of the nation’s currency can be felt in real-time by its citizens as they endure surging costs that rise weekly.
- Bitcoin bulls often regard the asset as a long-term inflation hedge due to its fixed supply.
- Central Banks overseeing relatively stable currencies, such as the Bank of Canada, argue Bitcoin is not an inflation hedge.
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