Javier Milei, known for his Bitcoin-friendly stance, has emerged victorious in Argentina’s presidential run-off election held on November 19, defeating his opponent Sergio Massa.
With nearly 99% of the votes counted, Javier Milei secured over 55% of the votes, establishing a lead of nearly 3 million votes, according to Bloomberg data.
Sergio Massa, the country’s minister of the economy, conceded to Milei and congratulated him on the victory after over 90% of the votes were counted. Milei is set to assume office on December 10.
Argentina has been grappling with a prolonged inflation crisis, with the Argentine peso experiencing an annual inflation increase of over 140% in the last 12 months.
Milei has been an outspoken critic of the country’s central bank, referring to it as a “scam” and a “mechanism by which politicians cheat the good people with inflationary tax.” He views Bitcoin as a movement toward returning money to its original creator, the private sector.
Despite his favorable stance towards Bitcoin, Milei has not indicated any intention to make Bitcoin legal tender in Argentina.
In contrast, Massa’s views on money, banking, and the cryptocurrency industry appear to be divergent from Milei’s. In October, Massa pledged to launch a central bank digital currency (CBDC) if elected, aiming to address Argentina’s persistent inflation crisis.
While Massa won the first round of Argentina’s presidential election in October, it was insufficient to secure the presidency outright, leading to the final run-off vote.
Earlier, Milei had triumphed in Argentina’s primary election in August, surpassing Messi and other candidates.