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One bitcoin is already equivalent to more than 1,000,000 Mexican pesos

The price of bitcoin (BTC) in the markets of Mexico reached a new milestone this Tuesday, February 16. The main cryptocurrency exceeded one million pesos per unit for the first time, according to the CriptoNoticias index that tracks Latin American exchanges.

According to the price calculator, 1 BTC is currently equivalent to 1,036,863 Mexican pesos. The amount doubles the price that bitcoin achieved at the end of December 2020 when local operators exchanged it for about 500,000 pesos.

Metrics from the Mexican exchange Bitso show how the price evolution has been in the last year, for example. The bull run of the cryptocurrency started in the middle of last year and since then the price continues to rise.

In the last 24 hours, Bitso has handled a volume that already exceeds 237 BTC, with a maximum price of 1,048,823 and a minimum of 1,004,001 between Tuesday and Wednesday. In that period, bitcoin has gained 2%, that is, about 18,124 pesos.

This has been the evolution of the price of bitcoin, in Mexican pesos, in the last six months. Source: Bitso.

In the P2P market of LocalBitcoins the offers to buy BTC with Mexican pesos start at 1,091,000 pesos. For the sale the prices start at 1,061,000 pesos. On this platform between 20 and 50 BTC are traded weekly.

Causes of the rise in bitcoin and reactions on Twitter

By reviewing what has happened in recent months, both in Mexico and on a global scale, they can list the reasons that have driven the price of the cryptocurrency created by Satoshi Nakamoto. In September 2020 one bitcoin was equivalent to approximately 230,000 pesos.

However, due to high demand, the reduction in the issuance of the currency that occurred in May, the printing of money in central banks to “palliate” the economies affected by COVID-19 and the wave of institutional investments, the price of bitcoin exceeded all expectations of traders.

On Twitter, the user @javiermtzmorodo commented on the milestone reached by bitcoin in Mexico: “The price of bitcoin today exceeds $ 1,000,000 Mexican pesos for the first time in history. Wow ».

A similar message was that of @jaguimx, who shared an image in which the conversion of 1 BTC to Mexican pesos is observed reaching the seven-digit figure. “Meanwhile in Mexico … this is what 1 BTC looks like,” the user posted.

Bitcoin established, during the afternoon of February 17, a new all-time high in dollars. According to CoinGecko, the Cryptocurrency was traded in the markets for up to $ 51,617. Yesterday, February 16, BTC exceeded the barrier of $ 50,000 for the first time, as reported by CriptoNoticias.

Another fact that stands out is that BTC is already ranked 14th among the most valuable currencies in the world. According to the records of fiatmarketcap.com, bitcoin surpassed in value the circulating pesos in Mexico, another milestone for the cryptocurrency compared to the national currency of Mexico.

Other Latin American currencies are also losing ground against bitcoin. One of them is the guaraní from Paraguay, of which 3 units can be purchased with 1 satoshi, the minimum unit of BTC. The cases of the national currencies of Venezuela or Argentina are also a reflection of the bad monetary policies implemented by their governments, which shows how little value they have.