Blog

Javier Milei, who’s well-known for his ardent advocacy of Bitcoin, turned victorious within the run-off election for president of Argentina on November 19, surpassing his opponent Sergio Massa.

The unexpectedly giant margin of victory went to Milei, who rode a tide of voter resentment in opposition to the political institution. His opponent, Sergio Massa, the Peronist minister of the economic system, conceded after receiving little greater than 44% of the vote; he obtained round 56%.

Based on figures by Bloomberg, Milei secured a dominant 55% of the votes with practically 99% counted, establishing a strong lead of about 3 million votes.

Bitcoin As A Transformative Movement in Argentina

Preceding the official announcement of the outcomes, Massa congratulated Milei on his victory in a telephone name.

VIVA LA LIBERTAD CARAJO pic.twitter.com/WzzzZaTcsz

— Javier Milei (@JMilei) November 19, 2023

In advocating for the return of cash to its “original creator,” the personal sector, Milei has characterised Bitcoin as a transformative movement. He has been significantly vocal in criticizing Argentina’s central financial institution, labeling it as a rip-off and a mechanism by means of which politicians deceive the general public with inflationary taxes.

“With legal tender, they scam you with the inflationary tax… #Bitcoin is the natural reaction against central bank scammers; to make money private again.” – Javier Milei, President of Argentina 🇦🇷🇦🇷pic.twitter.com/Rs2yXFo4e7

— Dylan LeClair 🟠 (@DylanLeClair_) November 19, 2023

In a defiant speech after the end result, Milei said that the period of decadence has concluded, and there’s no turning again. He additionally acknowledged the challenges that lie forward.

Bitcoin (BTC) is at the moment buying and selling at $37.171. Chart: TradingView.com

Before assuming workplace on December 10, Argentina’s new president will probably cope with the nation’s urgent issues. Not solely has the Argentine authorities misplaced entry to international finance markets, however the nation’s central financial institution has additionally dried up.

“We have major problems ahead: inflation, unemployment, and poverty,” Milei stated. “The situation is critical and there is no place for tepid half-measures.”

Milei intends to switch the Argentine peso with the US greenback, though he hasn’t but supported utilizing Bitcoin as authorized money or holding it as a reserve asset.

Argentines’ Symbolic Support For Bitcoin Against Inflation

The hyperinflation of the Argentine peso reached 143% and was nonetheless rising final Monday, leaving the nation bankrupt and in dire want of reform.

In an effort to voice their opposition to the nation’s excessive inflation, a whole lot of Argentines got here collectively earlier this yr and fashioned a large BTC image in assist of the cryptocurrency.

The present state of Bitcoin in Argentina is marked by ambiguity, with the current inauguration of Milei offering a possible ray of optimism.

This growth raises the prospect of Argentina emulating the trail taken by El Salvador in relation to Bitcoin.

There exists a notable expectation that Argentina could formally undertake Bitcoin as a acknowledged medium of alternate and combine it into its holdings of reserve property.

Featured picture from Pexels