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Argentina, struggling with an economic crisis, has seen a surge in support for Bitcoin, the largest cryptocurrency, with the election of radical right-winger Javier Milei. Milei’s presidency has pushed the price of Bitcoin above $37,000 once again. This increase in BTC’s price has triggered double-digit gains in many altcoins.
Milei’s Victory Boosts Bitcoin
The ongoing inflation crisis in Argentina, with the inflation rate surpassing 140% in the past 12 months, continues to be a major issue in the South American country. Many cryptocurrency advocates, such as Michael Saylor, argue that Argentina should adopt Bitcoin to protect itself from inflation.
Javier Milei, who was elected president, has previously criticized the country’s central bank, accusing it of deceiving the public and politicians of deceiving the public with inflationary taxes. Milei has also expressed his view that Bitcoin is a movement to return money to the private sector, its true creator, stating in one of his past interviews, “They deceive you with inflationary taxes through legal tender. Bitcoin is a natural response against central bank fraudsters; it brings money back to its private nature.”
Milei has not made any comments on whether Bitcoin should be recognized as a legal currency in the country. If he takes a step in this direction, Argentina will become the second Latin American country, after El Salvador, to recognize Bitcoin as legal tender. Interestingly, Bitcoin maximalist Max Keiser said that he expects three Latin American countries to recognize Bitcoin as legal tender by early 2024.
The presidential candidate of the Peronist alliance and current Economy Minister Sergio Massa has a very different approach to the monetary system, banking, and the cryptocurrency sector compared to Milei’s. In a speech in October, he pledged to introduce a central bank digital currency (CBDC) to address Argentina’s ongoing inflation problems if elected president.
2 Experts Analyze “What’s Next for Bitcoin?”
As the next Bitcoin block reward halving approaches, analysts have started expecting a rise in the largest cryptocurrency. Experienced cryptocurrency analyst Ali Martinez claimed that there will be a 700-day Bitcoin bull run until October 2025. Renowned cryptocurrency trader Titan of Crypto reiterated that a pre-halving rally, reaching up to $50,000, is on the horizon, which will occur around November 19.
According to Titan of Crypto, the $39,000 threshold is a critical level and will serve as the lower limit where the price will stabilize before the expected block reward halving in April 2024. While reiterating his expectation, the trader stated, “We are approaching the target range of $39,000 to $50,000 that I mentioned to you about a year ago, prior to the block reward halving.”