The pro-Bitcoin (BTC) candidate Javier Milei won the presidential elections in Argentina as inflation in the country got closer to 140%. After the election, Milei became the second president in the world to openly support Bitcoin. While there are no plans to make Bitcoin legal tender, the goal is to move away from the Argentine Peso (ARS) and rely more on other currencies such as the USD.
Pro-Bitcoin Candidate Javier Milei Wins Argentine Elections
The Bitcoin community is celebrating as Javier Milei won the presidential elections in Argentina against socialist Sergio Massa 55.69% to 44.30% with 99.28% of the votes counted. Milei is a self-proclaimed anarcho-capitalist and is the first libertarian to become president of the world.
It is worth taking into consideration that right after the announcement of the victory of Javier Milei, Bitcoin moved from below $37,000 to over $37,400 in just a few minutes. While Bitcoin stabilized after the results were shared with the population, the digital currency remained above $37,300.
The first country in the world to make Bitcoin legal tender was El Salvador in September 2021 thanks to President Nayib Bukele. Right now, there are two countries that made Bitcoin legal tender, El Salvador and the Central African Republic (CAR).
Milieu disclosed during the campaign that the is in favour of currency competition, including the USD, EUR and, of course, Bitcoin. In recent years and with high inflation rates, Argentinians relied more and more on the USD to price things, especially cars, real estate and large purchases.
Furthermore, Argentinians of all ages purchase stablecoins such as Tether (USDT), USD Coin (USDC) or DAI, among others. Argentina imposed currency restrictions and capital controls in order to avoid a further run on the Argentine peso, nevertheless, the Argentinian currency plummeted in value against the US dollar in recent years.
It is now just a matter of time to see what Milei will do and how Bitcoin and the crypto industry could play a key role in rebuilding the Argentinian economy. Right now, 40% of the country’s population is poor and the economy is at the same level as it was in 2011. Milei came to power by promising a shock therapy that would bring radical changes, including the removal of the central bank and the massive reduction of political expenditure.