Argentina's Bitcoin-friendly candidate, Javier Milei, secures victory in the presidential run-off election, garnering over 55% of the votes with nearly 99% counted. The win comes amidst Argentina's prolonged inflation crisis, with Milei critical of the country's central bank and advocating for Bitcoin as a return to private sector-controlled money. Milei is set to take office on December 10, succeeding opponent Sergio Massa. The election outcome signals potential shifts in Argentina's economic policies.
In a significant victory for Bitcoin-friendly advocates, Javier Milei has emerged victorious in Argentina's presidential run-off election, securing over 55% of the votes with nearly 99% of the count completed. The win positions Milei to take office on December 10, succeeding his opponent Sergio Massa.
Argentina has been grappling with a prolonged inflation crisis, recording over a 140% increase in annual inflation in the last 12 months. Milei has been a vocal critic of the country's central bank, labeling it a scam and a tool used by politicians to impose inflationary taxes on the public. He sees Bitcoin as a movement toward returning money to its original creator, the private sector.
Despite his support for Bitcoin, Milei has not signaled any intention to make the cryptocurrency legal tender in Argentina. His views align with a belief in the private sector's role in controlling money.
In contrast, Massa, the country's minister of economy, holds views that appear to be polar opposite to those of Milei. Massa pledged in October to launch a central bank digital currency (CBDC) if elected, positioning it as a solution to Argentina's long-standing inflation crisis.
The election outcome reflects potential shifts in Argentina's economic policies, with Milei's victory signaling a departure from traditional approaches to economic challenges. Milei's criticism of the central bank and endorsement of Bitcoin align with a growing global trend of recognizing cryptocurrency as a viable alternative to traditional financial systems.
The newly elected president faces the task of addressing Argentina's economic woes and implementing policies that resonate with the changing landscape of financial technologies. As Milei prepares to take office, observers will closely watch for potential developments in Argentina's approach to cryptocurrency and its impact on the country's economic trajectory.
(BRAYDEN LINDREA, COINTELEGRAPH, 2023)