Following Argentina’s presidential run-off election on November 19, the Bitcoin-friendly candidate, Javier Milei, emerged victorious, surpassing opponent Sergio Massa, leading to a 2% surge in Bitcoin’s value.
Nearly 99% of the tallied votes indicated Milei securing over 55% of the votes, with a lead of nearly 3 million votes, according to Bloomberg data.
Though not explicitly advocating for Bitcoin as legal tender or a reserve asset, Milei aims to replace the Argentine peso with the US dollar. The Argentine peso recently experienced hyperinflation surging to 143%, signifying financial distress in the country and prompting calls for urgent reform.
Earlier this year, a significant number of Argentinians gathered in support of Bitcoin, forming a massive BTC symbol in protest against the widespread inflation devastating the nation.
Although not explicitly mentioning Bitcoin, Argentina’s newly elected president has vehemently criticized central banking, referring to the “central bank as a scam, a mechanism through which politicians deceive the public with inflationary taxes.” He commended Bitcoin for restoring monetary power to the private sector, highlighting that it “represents the return of money to its original creator, the private sector,” and prevents politicians from exploiting people through inflation.
Exciting prospects lie ahead for Bitcoin, as this news further strengthens current positive fundamentals, including the anticipated approval of the Spot ETF and the upcoming halving.
