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.

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.

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