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Bitcoin Price Skyrockets to All-Time High in Argentina, Dwarfing 2017 Rally

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By CCN: The bitcoin price surged overnight within touching distance of $9,000, carving out a new 2019 high. In just minutes, the bitcoin market cap pushed beyond $150 billion for the first time since May 11th, 2018.

But Monday’s price explosion is even more impressive in Argentina. As CCN reported earlier this month, BTC blew past its all-time high against the Argentine peso in the latest rally. As hyper-inflation devalues the Latin American currency, bitcoin is now in uncharted territory.

BTC roars past its all-time against the Argentine peso as inflation ravages the Latin American nation’s economy. Source: XE.com

It confirms bitcoin’s narrative as a hedge against inflationary currencies. And it strengthens bitcoin’s case as a store of value. Even with 80 percent swings, bitcoin has held its value better than a major country’s currency. 

BTC record high against Argentine peso

Thanks to last night’s price rise, bitcoin cruised towards 400,000 Argentine pesos (ARS). The move was preceded by huge volume in bitcoin transactions from the South American nation. In recent weeks, BTC transaction volumes hit almost $14 million weekly through LocalBitcoins.com, a peer-to-peer bitcoin exchange.

Bitcoin transaction volume has risen consistently in Argentina as inflation poses a threat to local currency. Source: CoinDance/LocalBitcoins

Argentina is not the only country to experience this phenomenon. Bitcoin plots a similar chart in Sudanese pounds. As CCN previously reported:

“Even if you bought the top of 2017’s bitcoin bubble in Argentine pesos, you’d be in profit right now. As for the Sudanese pound, if you bought the crypto top, you’d have doubled your money today.”

The 2017 bitcoin bubble looks very different in Argentina

For many of us in the crypto space, the BTC/USD chart is etched into our brains. The wild 2017 run-up and 2018 crash is burned into our memory. But the chart looks refreshingly different when priced in ARS. The infamous “bitcoin bubble” looks like any other price peak.

Of course, this is less about bitcoin’s rise and everything to do with the peso’s collapse.

But it helps prove bitcoin’s case as a store of value. In developing nations with unstable economies, BTC is less volatile than local fiat currencies. We saw the same flight to crypto when Venezuela’s economy crumbled under hyperinflation.

Bitcoin thrives when inflation ravages fiat currency

Inflation surged 50 percent in Argentina last year. That figure is expected to climb another 36 percent in 2019. As the tweet below explains, the Argentine peso lost 83 percent of its value against the dollar in the past year.

To local communities, it has the effect of devaluing the money in their bank and forcing prices sky high.

In an attempt to store value, citizens of Argentina and other inflation-torn countries like Venezuela are turning to cryptocurrency to preserve their wealth. The “anti-inflationary” narrative of bitcoin has been touted for years. We’re finally seeing it play out in real time. As one Twitter user pointed out:

“If an Argentinian had bought Bitcoin at the highest point of the “biggest bubble in history”, in 2017, he would have been better off than leaving his money in  his Argentinian bank account. So tell me again how Bitcoin is a horrible store of value.”

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NYSE files a trademark application for trading NFTs

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The world’s largest stock exchange may be planning to bring business into the Metaverse.

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Traders say $4,000 Ethereum back on the cards ‘if’ this bullish chart pattern plays out

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Global tensions that could trigger a correction in markets abound, but traders say ETH’s current setup could result in a swift return to the $4,000 level.

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CryptoPunks community reacts to the ongoing copyright battle between V1 and V2

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Although the collection is no longer deemed authentic by Larva Labs, its creators alleged sold 210 ETH worth of CryptoPunks V1 when the wrapped versions first gained traction.

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Binance.US is under investigation from SEC over trading affiliates: Report

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Binance CEO Changpeng Zhao allegedly has connections to two market makers buying and selling crypto on Binance.US.

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Boost Insurance unveils product covering against crypto theft from qualified custodians

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Boost Insurance, an insurance infrastructure-as-a-service platform, alongside go-to-market partner, Breach Insurance, a company that provides insurance technology and regulated insurance products for the cryptocurrency market, today announced the launch of Crypto Shield, an insurance product for cryptocurrency available to retail wallet holders.

Crypto Shield covers the theft of cryptocurrency while in the custody of a qualified custodian.

The Crypto Shield product allows individuals to purchase protection for their crypto wallets held by select custodians. In the case that the custodian is breached or suffers a social engineering attack resulting in lost assets, individuals insured under Crypto Shield can be reimbursed for the value of their policy.

Boost + Breach

While there is some commercial insurance available to cryptocurrency institutions, Breach envisioned Crypto Shield as a solution to the protection gap that currently exists for individuals holding crypto, securing a partnership with Boost to assist in bringing the Crypto Shield product to life.

Boost’s insurance infrastructure-as-a-service packages the necessary operational, technological, compliance, and capital requirements for new insurance programs into a white-label solution, enabling insurtechs like Breach to swiftly launch new lines of business.

“Boost’s deep expertise and insurance infrastructure-as-a-service platform, and Relm’s industry-leading crypto reinsurance capabilities, have positioned Breach to bring a highly complex insurance product to the market in a beautifully delivered customer experience.”
– Eyhab Aejaz, Co-Founder & CEO at Breach

To deliver that product in a seamless experience, Boost and Breach’s platforms connect via API, allowing Boost’s policy administration system to deliver back-end management for the Crypto Shield product. Breach’s customers are then able to purchase and manage every part of their policy and claims process, all from within Breach’s proprietary crypto insurance platform.

“With Boost’s infrastructure-as-a-service platform, companies like Breach can launch and deliver innovative new insurance offerings, at a fraction of the time and cost required to build a full-stack insurance program from scratch.”
– Alex Maffeo, CEO & Founder of Boost

In addition to powering the new product, Boost and Breach partnered to source and secure the necessary reinsurance backing from industry expert Relm Insurance Ltd. (Relm), underwritten by Trisura Specialty Insurance Company. Operating out of Bermuda, Relm is a capacity provider to the crypto sector with a track record of insuring companies across the ecosystem. Relm has recently been awarded an ‘A Exceptional’ Financial Stability Rating (FSR) by Demotech.

“Relm’s partnership with Boost and Breach to reinsure the US’s first cryptocurrency insurance product for retail wallet holders is a milestone in supporting the development of crypto and blockchain technologies.”
– Joe Ziolkowski, CEO at Relm

The post Boost Insurance unveils product covering against crypto theft from qualified custodians appeared first on CryptoNinjas.

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