The price of Bitcoin (BTC) has jumped to a fresh high in Argentina since the news that Bitcoin-friendly presidential candidate Javier Milei won a primary election on Aug. 13, with 1 BTC reaching a value of 10.2 million Argentine pesos (ARS) on Aug. 14, according to data from CoinGecko.
While global cryptocurrency markets are experiencing a notable slump, some parts of the world are still recording new all-time highs for Bitcoin. In Argentina, Bitcoin has seen a sharp climb this week, with BTC rallying 21% from 8.4 million ARS to 10.2 million in less than one hour on Monday.
At the same time, Bitcoin has been steadily gaining value against ARS since late 2022. According to CoinGecko, Bitcoin has surged more than 210% versus the Argentine peso since Aug. 17, 2022.
Since hitting a new record high, BTC price versus ARS has dropped slightly. At the time of writing, Bitcoin is trading at 9.9 million ARS, down around 3% from its all-time high levels.
The most recent Bitcoin’s rally in Argentina has been attributed to the presidential primary win by pro-Bitcoin presidential candidate Javier Milei. After winning the primary with more than 30% of votes, Milei is now the front-runner in Argentina’s general election in October.
As previously reported, Milei wants to abolish the central bank and adopt the U.S. dollar as Argentina’s currency. The presidential candidate also believes that Bitcoin is a reaction against “central bank scammers,” while fiat currency allows politicians to scam Argentines with inflation.
While Bitcoin has been at its record highs in Argentina recently, the cryptocurrency has been on the decline in global markets.
Since Aug. 14, Bitcoin has lost 3.7% of its value versus the U.S. dollar, dropping below the psychological mark of $29,000 on Aug. 16, according to CoinGecko. The cryptocurrency has been gradually tumbling over the past 30 days, dropping nearly 5% over the period at the time of writing.
Argentina is not the only country that has seen Bitcoin price at its highest historic levels amid massive inflation recently. Bitcoin has also been trading near all-time high levels in countries like Turkey, which reportedly saw its inflation rate rising to nearly 50% in July 2023.
In July, Bitcoin climbed to the highest level versus Turkish lira (TRY), reaching a value of 819,000 TRY per 1 BTC, according to data from CoinGecko.
Canterbury MP Rosie Duffield has resigned from the Labour Party.
The 53-year-old MP is the first to jump ship since the general election and in her resignation letter criticised the prime minister for accepting thousands of pounds worth of gifts.
She told Sir Keir Starmer the reason for leaving now is “the programme of policies you seem determined to stick to”, despite their unpopularity with the electorate and MPs.
In her letter she accused the prime minister and his top team of “sleaze, nepotism and apparent avarice” which are “off the scale”.
“I’m so ashamed of what you and your inner circle have done to tarnish and humiliate our once proud party,” she said.
Since December 2019, the prime minister received £107,145 in gifts, benefits, and hospitality – a specific category in parliament’s register of MPs’ interests.
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Ms Duffield, who has previously clashed with the prime minister on gender issues, attacked the government for pursuing “cruel and unnecessary” policies as she resigned the Labour whip.
She criticised the decision to keep the two-child benefit cap and means-test the winter fuel payment, and accused the prime minister of “hypocrisy” over his acceptance of free gifts from donors.
“Since the change of government in July, the revelations of hypocrisy have been staggering and increasingly outrageous,” she said.
“I cannot put into words how angry I and my colleagues are at your total lack of understanding about how you have made us all appear.”
Ms Duffield also mentioned the recent “treatment of Diane Abbott”, who said she thought she had been barred from standing by Labour ahead of the general election, before Sir Keir said she would be allowed to defend her Hackney North and Stoke Newington seat for the party.
Her relationship with the Labour leadership has long been strained and her decision to quit the party comes after seven other Labour MPs were suspended for rebelling by voting for a motion calling for the two-child benefit cap to be abolished.
“Someone with far-above-average wealth choosing to keep the Conservatives’ two-child limit to benefit payments which entrenches children in poverty, while inexplicably accepting expensive personal gifts of designer suits and glasses costing more than most of those people can grasp – this is entirely undeserving of holding the title of Labour prime minister,” she said.
Ms Duffield said she will continue to represent her constituents as an independent MP, “guided by my core Labour values”.