Bitcoin (BTC) has reached its peak in Argentina after a pro-Bitcoin candidate won the primary election in the country.

On Aug. 13, Javier Millei, a libertarian candidate representing the political party Freedom Advances, took first place in the primary elections in Argentina.

As he won, most of the assets in the market including the Argentinean peso dropped. Meanwhile, Bitcoin became the top 1 cryptocurrency in Argentina.

On Aug. 16, Bitcoin reached an all-time high value in the country. It was worth 10.2 million Argentinean pesos, according to CoinGecko.

Bitcoin in Argentina

The economic situation in Argentina is passing through a complex moment. The country has one of the highest inflation levels in the Latin American continent and the world. According to Trading Economics, Argentina registered a level of inflation of 113.4 for July.

Due to the loss of value of the local currency known as the Argentine Peso and the high level of inflation, Argentinean citizens are looking to save and invest their income in new types of assets like cryptocurrencies and Bitcoin.

According to Statista, Argentina currently stands in the top 10 of the countries with more cryptocurrency holders in the world, nearly 26% of the population holds cryptocurrency in the country.