Pro-Bitcoin Javier Milei Will Be The Next President Of Argentina

Pro-Bitcoin Javier Milei Will Be The Next President Of Argentina

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Pro-Bitcoin Javier Milei has won Argentina’s presidential run-off election, held on the 19th of November after his opponent Sergio Massa conceded defeat. 

Milei has won over 55% of the votes, with over 99% of the votes counted so far, giving him a lead of over 3 million votes. 

Javier Milei Wins Presidential Run-Off 

Massa, Milei’s primary opponent and also the country’s minister of economy, called Milei to congratulate him after 90% of the votes had been counted, conceding defeat. Massa made the call before the official announcement of the results of the presidential run-off. Milei is set to take office on the 10th of December. The election was fought on several important factors impacting the country, chief among which is an inflation crisis that has crippled the nation’s economy. The Argentine Peso has registered a 140% increase in annual inflation over the past 12 months. 

Nearly 40% of Argentina’s population lives in poverty, with inflation hovering around the 150% mark. To make matters worse the economy is expected to contract again during the current financial year. The government also has no access to international capital markets, while the country’s central bank has run out of money to help prop up any type of currency controls. There is also significant concern among the Argentine population about a return to hyperinflation after nearly three decades. 

Milei has been extremely critical of Argentina’s central bank, at times calling it a scam and a mechanism used by politicians to cheat people with inflationary tax. Argentina’s presidential run-off vote is a simple popular vote, with only ballots cast in favor of Milei or Massa will be counted, leaving out blank or invalid votes. While voting is mandatory, voter participation has been low, with voters extremely disillusioned by both candidates. 

Contrasting Views 

Massa’s views on crypto, banking, and money are the opposite of those held by Milei. In October, Massa pledged to launch a central bank digital currency (CBDC) to solve the country’s crippling inflation crisis. 

“I am clear that inflation is a huge problem in Argentina. We are going to launch the digital currency in Argentina. [...] We are going to do it globally for all of Argentina accompanied by a laundering law that allows those who have money abroad to bring it and use it freely without new taxes in parallel.”

He also shot down the idea that Argentina should switch to using the United States Dollar. Massa had won the first round of the presidential election back in October. However, it was not enough to win the country’s presidency, leading to the final run-off. However, before that, Milei won Argentina’s primary election against Massa and several other candidates. 

Bitcoin Gains Almost 3% On News 

Following the news of the victory, Bitcoin, which was rather subdued over the weekend, saw activity pick up late on Sunday as it began rising after the result of the election became apparent. Following Massa’s conceding defeat, Bitcoin rose by almost 3% in 24 hours, moving to $37,350. Milei is extremely pro-Bitcoin and stated that it represents the return of money to its original creator, the private sector. 

“We have to understand that the central bank is a scam. What bitcoin is representing is the return of money to its original creator, the private sector.”

 Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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