Javier Milei Wins Argentina’s Presidential Runoff, Leading to Almost 3% Increase in Bitcoin

Javier Milei Argentina

Javier Milei, a passionate Bitcoin (BTC) supporter in Argentina, has just won the presidential election held on November 19, defeating his opponent Sergio Massa.

With nearly 99% of the votes counted, Milei has won more than 55%, far ahead of the opponent. Massa, the country’s economic minister, called Milei to congratulate him after counting more than 90% of the votes before the official results were announced. Milei will take office on December 10th.

The prolonged inflation crisis in Argentina has become a hot topic in South America, as the Argentine peso has experienced an annual inflation rate of over 140% in the past 12 months. Milei has openly criticized the country’s central bank, considering it a scam and a “mechanism through which politicians deceive good people with inflation taxes.”

Javier Milei is well-known for advocating the elimination of central banks and speaking favorably about Bitcoin. “We have to understand that the central bank is a scam” Milei argued. “What Bitcoin is representing,” he continued, “is the return of money to its original creator, the private sector.”

His perspective has garnered support from the people, especially the younger generation. Argentina is currently grappling with a crisis and inflation, causing people to lose faith in the authorities, and some have turned to crypto as a refuge against the depreciation of the national currency.

Despite his positive stance on cryptocurrencies, Milei does not support using Bitcoin as a legal tender in Argentina, as seen in El Salvador. Instead, he has called for the “dollarization” of the economy, which is currently facing triple-digit inflation.

After a subdued weekend of trading, BTC started to climb on late Sunday afternoon, fueled by speculation about Milei’s impressive performance. BTC has surged nearly 3% in the last 24 hours, reaching $37,350.

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Chi Do
Chi Do
Chi Do is a content writer at CoinMinutes, responsible for creating most of the content on the website, including news related to Bitcoin (BTC), Ethereum (ETH), Blockchain, Decentralized Finance (DeFi), and more. With a keen interest in cryptocurrencies since the 2020s, Chi has acquired extensive experience and knowledge in this field. Chi holds a Bachelor's degree in communication from Academy of Journalism and Communication in Vietnam.

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