I fail to see the contradiction. The capital has already all fled Argentina, and higher rates aren’t going to entice many dollars back in.
US interest rate go up, bitcoin go down!
Argentina interest rate go up, bitcoin go up!
Contradiction.
What you pointed out tho is important: fiat is a confidence game at the end of the day, and it doesn't matter how much yield a fiat offers if it lacks confidence.
Bitcoin is more or less a measure of how much confidence people have in their respective fiat currencies.