The value of Bitcoin (BTC) has recently surpassed its previous all time high in Argentinean Peso which was around 340,000 pesos in December 2017.
The current value of BTC in Argentinean Peso last May 31st reached 380,000 Pesos which is primarily because of elevated inflation in the country.
The country has been at 50% a year in Argentina since February and rising to 55% in April with the country clearly in severe economic crises.
With increasing inflation in Argentina and hyperinflation in Venezuela that might lead to a continent wide contagion and more citizens in the continent are turning to cryptocurrencies as a primary means of store of value to escape.
This is corroborated by the increasing transaction volume on peer-to-peer exchange LocalBitcoin.
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