Argentina’s Bitcoin-Friendly Candidate Javier Milei Wins Presidential Election

In a surprising turn of events, Javier Milei, a Bitcoin advocate, emerged victorious in Argentina’s presidential run-off election on November 19th, defeating his opponent Sergio Massa. With nearly 99% of the votes counted, Milei secured over 55% of the votes, leading by a substantial margin of almost 3 million votes, according to Bloomberg data. Massa, the country’s minister of economy, graciously congratulated Milei on his victory, even before the official results were announced. Milei is set to take office on December 10th.

Argentina has been grappling with a prolonged inflation crisis, with the Argentine peso experiencing an alarming 140% increase in annual inflation over the past year. Milei has been a vocal critic of the country’s central bank, labeling it as a scam and a tool for politicians to exploit citizens through inflationary taxes. He believes that Bitcoin represents a movement towards restoring control over money to the private sector, stating that it brings money back to its original creators.

However, it is important to note that Milei has not yet indicated any plans to make Bitcoin a legal tender in Argentina. While he champions the benefits of decentralized cryptocurrencies, it remains to be seen how his administration will approach the regulation and adoption of digital assets.

On the other hand, Sergio Massa’s stance on money, banking, and cryptocurrencies appears to be in stark contrast to Milei’s views. Massa had previously pledged to introduce a central bank digital currency (CBDC) as a solution to Argentina’s persistent inflation crisis, had he been elected as president.

Milei’s victory in the election has generated considerable excitement among Bitcoin enthusiasts in Argentina and beyond. Bitcoin’s price has been hitting all-time highs in various countries, including Argentina, Nigeria, and Turkey. The election of a Bitcoin-friendly president could potentially lead to increased adoption and acceptance of cryptocurrencies in Argentina.

It remains to be seen how Milei’s presidency will unfold and whether his vision for economic reform, with Bitcoin at its core, will materialize. Nonetheless, his victory marks a significant milestone in the growing influence of cryptocurrencies in national politics.