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Javier Milei, who is well-known for his ardent advocacy of Bitcoin, became victorious in the run-off election for president of Argentina on November 19, surpassing his opponent Sergio Massa.
The unexpectedly large margin of victory went to Milei, who rode a tide of voter resentment against the political establishment. His opponent, Sergio Massa, the Peronist minister of the economy, conceded after receiving little more than 44% of the vote; he received around 56%.
Based on figures by Bloomberg, Milei secured a dominant 55% of the votes with nearly 99% counted, establishing a solid lead of about 3 million votes.
Bitcoin As A Transformative Movement in Argentina
Preceding the official announcement of the results, Massa congratulated Milei on his victory in a phone call.
VIVA LA LIBERTAD CARAJO pic.twitter.com/WzzzZaTcsz
— Javier Milei (@JMilei) November 19, 2023
In advocating for the return of money to its “original creator,” the private sector, Milei has characterized Bitcoin as a transformative movement. He has been particularly vocal in criticizing Argentina’s central bank, labeling it as a scam and a mechanism through which politicians deceive the 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 result, Milei stated that the era of decadence has concluded, and there’s no turning back. He also acknowledged the challenges that lie ahead.
Bitcoin (BTC) is currently trading at $37.171. Chart: TradingView.com
Before assuming office on December 10, Argentina’s new president will likely deal with the country’s pressing problems. Not only has the Argentine government lost access to foreign finance markets, but the country’s central bank has also dried up.
“We have major problems ahead: inflation, unemployment, and poverty,” Milei said. “The situation is critical and there is no place for tepid half-measures.”
Milei intends to replace the Argentine peso with the US dollar, even though he hasn’t yet supported using Bitcoin as legal cash or holding it as a reserve asset.
Argentines’ Symbolic Support For Bitcoin Against Inflation
The hyperinflation of the Argentine peso reached 143% and was still rising last Monday, leaving the country bankrupt and in dire need of reform.
In an effort to voice their opposition to the country’s extreme inflation, hundreds of Argentines came together earlier this year and formed a massive BTC symbol in support of the cryptocurrency.
The current state of Bitcoin in Argentina is marked by ambiguity, with the recent inauguration of Milei providing a potential ray of optimism.
This development raises the prospect of Argentina emulating the path taken by El Salvador in relation to Bitcoin.
There exists a notable expectation that Argentina may formally adopt Bitcoin as a recognized medium of exchange and integrate it into its holdings of reserve assets.
Featured image from Pexels