04-15-2023, 09:01 AM
BTC is breaking out towards new all-time highs in Argentine pesos, only a question o
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/12m3hvo/btc_is_breaking_out_towards_new_alltime_highs_in/"> <img src="https://a.thumbs.redditmedia.com/uj2LPU0VCcEuEw31SzE1W8Vv8jTzJfS8VW2Nn9YEtq0.jpg" alt="BTC is breaking out towards new all-time highs in Argentine pesos, only a question of time until people there start using BTC as a hedge to hyper-inflation." title="BTC is breaking out towards new all-time highs in Argentine pesos, only a question of time until people there start using BTC as a hedge to hyper-inflation." /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>While we may all still be struggling at the upper bottom at the BTCUSD charts, in other countries Bitcoin is already way further in price-action. This is very normal to happy and all those headlines of “BTC hit a new ATH in XY country“ while you look at the charts and see how it is nowhere near ATHs, are taking the local currency chart.</p> <p>I feel like we may all way too often use the BTCUSD chart but that is in reality no golden standard, you could exchange that USD for literally any currency as 1 BTC will always remain 1 BTC.</p> <p>​</p> <p><a href="https://preview.redd.it/1c4zqcp2qvta1.png?width=1904&format=png&auto=webp&s=5f2b884fbe4e57ee82ccc7e201e5b5442ff86a2d">BTC-pesos chart from CoinBeasts on Twitter</a></p> <p><a href="https://preview.redd.it/twd6sdp2qvta1.jpg?width=1409&format=pjpg&auto=webp&s=15957e56f772ccc24c8a6380e1a0e025a8d0ba0e">Peso-EUR chart</a></p> <p>Thus, in Argentina BTC is now marching towards a complete new all-time high for the first time since November 2021 just like everywhere else. The reason for that is a massive underperformance of their local currency which is hitting all-time lows in comparison to all big currencies like EUR and USD and now it seems like it will do with BTC too.</p> <p>​</p> <p>The hyperinflation in Argentina is so bad that they even had to introduce a new 2000 peso banknote in February of this year. All of that will obviously drive people to alternatives, one of them without a doubt will be BTC. As the government can regulate heavily on the use of EUR and USD, they can not really “check“ whether you hold your money in a digital BTC as a safety.</p> <p>Hope the people in Argentina realise that BTC may be a good alternative or even hedge as a store of value while the pesos keeps falling further literally every week.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/partymsl"> /u/partymsl </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12m3hvo/btc_is_breaking_out_towards_new_alltime_highs_in/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12m3hvo/btc_is_breaking_out_towards_new_alltime_highs_in/">[comments]</a></span> </td></tr></table>
<table> <tr><td> <a href="https://www.reddit.com/r/CryptoCurrency/comments/12m3hvo/btc_is_breaking_out_towards_new_alltime_highs_in/"> <img src="https://a.thumbs.redditmedia.com/uj2LPU0VCcEuEw31SzE1W8Vv8jTzJfS8VW2Nn9YEtq0.jpg" alt="BTC is breaking out towards new all-time highs in Argentine pesos, only a question of time until people there start using BTC as a hedge to hyper-inflation." title="BTC is breaking out towards new all-time highs in Argentine pesos, only a question of time until people there start using BTC as a hedge to hyper-inflation." /> </a> </td><td> <!-- SC_OFF --><div class="md"><p>While we may all still be struggling at the upper bottom at the BTCUSD charts, in other countries Bitcoin is already way further in price-action. This is very normal to happy and all those headlines of “BTC hit a new ATH in XY country“ while you look at the charts and see how it is nowhere near ATHs, are taking the local currency chart.</p> <p>I feel like we may all way too often use the BTCUSD chart but that is in reality no golden standard, you could exchange that USD for literally any currency as 1 BTC will always remain 1 BTC.</p> <p>​</p> <p><a href="https://preview.redd.it/1c4zqcp2qvta1.png?width=1904&format=png&auto=webp&s=5f2b884fbe4e57ee82ccc7e201e5b5442ff86a2d">BTC-pesos chart from CoinBeasts on Twitter</a></p> <p><a href="https://preview.redd.it/twd6sdp2qvta1.jpg?width=1409&format=pjpg&auto=webp&s=15957e56f772ccc24c8a6380e1a0e025a8d0ba0e">Peso-EUR chart</a></p> <p>Thus, in Argentina BTC is now marching towards a complete new all-time high for the first time since November 2021 just like everywhere else. The reason for that is a massive underperformance of their local currency which is hitting all-time lows in comparison to all big currencies like EUR and USD and now it seems like it will do with BTC too.</p> <p>​</p> <p>The hyperinflation in Argentina is so bad that they even had to introduce a new 2000 peso banknote in February of this year. All of that will obviously drive people to alternatives, one of them without a doubt will be BTC. As the government can regulate heavily on the use of EUR and USD, they can not really “check“ whether you hold your money in a digital BTC as a safety.</p> <p>Hope the people in Argentina realise that BTC may be a good alternative or even hedge as a store of value while the pesos keeps falling further literally every week.</p> </div><!-- SC_ON --> submitted by <a href="https://www.reddit.com/user/partymsl"> /u/partymsl </a> <br/> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12m3hvo/btc_is_breaking_out_towards_new_alltime_highs_in/">[link]</a></span> <span><a href="https://www.reddit.com/r/CryptoCurrency/comments/12m3hvo/btc_is_breaking_out_towards_new_alltime_highs_in/">[comments]</a></span> </td></tr></table>