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Argentina Elects Bitcoin-Friendly President, Boosting Crypto Rally: BTC Reclaims $37,000

source-logo  zycrypto.com 20 November 2023 14:15, UTC

Argentina’s electorate has elected Javier Milei, famous for his Bitcoin-friendly stance and a far-right populist, as its latest president. The result? Bitcoin’s (BTC) price sees a nearly 3% increase, breaking through the $37,200 barrier.

Known for his vocal opposition to central banks, Milei secured an impressive 55% of the votes in the November 19 presidential run-off, clinching a decisive win that positioned him almost 3 million votes ahead of his closest rival, according to Bloomberg data.

100% votes tallied showed Milei leading Massa by more than 10%: Bloomberg.

The crypto community is happy about Milei winning. He loves Bitcoin and doesn’t like central banks, calling them a scam. Milei starts his new job on December 10, and everyone in the crypto world is curious about what he’ll do next.

How Milei’s Win Could Shape Argentina’s Economic Future

Argentina’s election shift stems from Milei’s firm opposition to the central bank, labelling it a “scam” used by politicians for inflationary taxes. This resonates amid Argentina’s 140% annual inflation crisis with the peso.

Milei’s victory marks a political shift and a potential boost for Bitcoin. The president-elect emphasizes Bitcoin’s role in revitalizing the economy and supports moving monetary control back to the private sector. He sees Bitcoin as a movement aiming to restore money to its original creators—the private sector.

However, it’s crucial to highlight that Milei hasn’t proposed making Bitcoin an official currency in Argentina. While championing cryptocurrency, his core policy leans towards full dollarization rather than crypto.

Massa and Milei seem to have completely contrasting perspectives regarding the money, banking, and cryptocurrency sectors.

In October, Massa promised to introduce a digital currency for the central bank if he became president to address Argentina’s persistent inflation problem.

Prosperity is ahead for Argentina

— Elon Musk (@elonmusk) November 19, 2023

Bitcoin Bulls Take Charge

BTC/USD chart, source: TradingView

After Massa conceded defeat, Bitcoin, quiet through the weekend, surged late Sunday post-election results. With Massa’s concession, Bitcoin spiked nearly 3% within 24 hours, reaching $37,350.

In November, BTC/USD marked a 7% increase, a moderate gain, yet it stands as the pair’s most successful November since 2020, according to CoinGlass data.

#Bitcoin Even though the sentiment isn't great, $BTC is still up ~5% for the month of November.

December tends to be a volatile month that puts in big numbers. Bound to see a turbulent end of year I think! pic.twitter.com/GvUdCbRLsl

— Daan Crypto Trades (@DaanCrypto) November 19, 2023

At present, Bitcoin holds roughly 52.5% of the overall crypto market value, slightly down by about 2% from the beginning of the month, yet notably higher than its lows earlier this year, closer to the 40% mark.

At its current price of $37,159, Bitcoin’s fluctuations are being watched closely for potential shifts that could trigger altcoin surges.