Crypto-Friendly Javier Milei Wins Argentine Presidential Election, Lends Much-Needed Streak To Coin Prices

The enduring inflation crisis in Argentina has been a contentious issue, marked by the Argentine peso experiencing a staggering 140 per cent surge in annual inflation over the past 12 months.

Milei has been outspoken in his criticisms of the country's central bank.

Source : Getty

In a decisive victory on November 19, Javier Milei, known for his favourable stance towards Bitcoin, emerged as the winner in Argentina's presidential run-off election, surpassing his opponent Sergio Massa. With nearly 99 per cent of the ballots tallied, Milei secured over 55 per cent of the votes, establishing a substantial lead of almost 3 million votes, as reported by Bloomberg data.

Acknowledging Milei's triumph, Massa, who served as the country's minister of economy, extended his congratulations in a phone call when over 90 per cent of the votes had been counted, predating the formal release of the official results. Milei is set to assume office on December 10.

The enduring inflation crisis in Argentina has been a contentious issue, marked by the Argentine peso experiencing a staggering 140 per cent surge in annual inflation over the past 12 months.

Milei has been outspoken in his criticisms of the country's central bank, labelling it a "scam" and characterising it as a "mechanism through which politicians deceive the public with inflationary taxation." He has championed Bitcoin as a movement towards "returning money to its original creator, the private sector."

In contrast, Massa's stance on money, banking, and cryptocurrencies stands in stark contrast to Milei's views. In October, Massa committed to launching a central bank digital currency (CBDC) if elected, presenting it as a solution to Argentina's enduring inflation crisis.

Although Massa secured victory in the initial round of Argentina's presidential election in October, it was insufficient to secure the presidency outright, necessitating the final run-off vote.

Earlier in August, Milei emerged victorious in Argentina's primary election, surpassing Messi and other contenders.

Disclaimer: Crypto products and NFTs are unregulated and can be highly risky. There may be no regulatory recourse for any loss from such transactions. Cryptocurrency is not a legal tender and is subject to market risks. Readers are advised to seek expert advice and read offer document(s) along with related important literature on the subject carefully before making any kind of investment whatsoever. Cryptocurrency market predictions are speculative and any investment made shall be at the sole cost and risk of the readers.