Bitcoin Hits New All-Time High in Argentina Amid Inflation Surge

Bitcoin, the leading cryptocurrency by market capitalization, has reached a new all-time high in Argentina, surpassing previous records in local currency terms. This surge comes amidst rising inflation and a rapidly devaluing peso, which has driven up local demand for Bitcoin. The cryptocurrency is currently selling above ARS 119 million per coin on various platforms.

Despite the global BTC price remaining below its U.S. all-time high, the local demand in Argentina has significantly boosted the price in Argentine pesos. At the time of reporting, BTC was trading at $104,416 in dollar terms, marking a 4.27% increase from the all-time high of $109,114 reached in January.

In related news, Jamie Dimon, the CEO of a major international bank, announced that bank clients can now purchase Bitcoin. However, Dimon reiterated his long-standing skepticism about cryptocurrencies, indicating a cautious approach towards the digital asset.

This development follows other large banks that have started to offer Bitcoin-related services to their clients. For instance, another major international bank has allowed its financial advisors to recommend certain Bitcoin ETFs to clients who meet specific criteria.

Cryptocurrencies have continued to rise in the early Tuesday session, reflecting a broader recovery in risk markets. The largest publicly traded BTC holding company announced on Monday that it had acquired 7,630 BTC at an average price of over $103,000, which has boosted market confidence.

Additionally, an energy management firm increased its Bitcoin treasury to over 800 tokens by purchasing an additional $9 million worth of BTC. The latest acquisition, made at an average price of $103,234 per coin, brings the firm's total investment in cryptocurrencies to $78 million.