Bitcoin trading has seen a surge in countries like Argentina and Brazil as the value of their respective local currency weakens. According to a report from Arcane Research, Bitcoin has broken its all-time high vs Argentine Peso, Turkish Lira and Brazilian Real.
In the last two months or so, Bitcoin has just broken price records in Argentina, Brazil, and Turkey. A few week ago former Brazil finance minister had defended the stand taken by Bolsanaro against the environmental situation.
Meanwhile, the government of Argentina had said that its unsure if it can pay the creditors back. Argentina is now expected to focus on renegotiating the repayments of its US$44-billion loan from the International Monetary Fund, as well as other multi-billion dollar debts.
“It takes the pressure off, but it’s not enough,” said economist Mariana Dal Poggetto, director of the EcoGo consultancy firm.
The bonds related to Tuesday’s agreement, issued under foreign legislation, represent roughly a fifth of Argentina’s US$324-billion debt, which amounts to around 90 percent of its GDP.
