Victory for Argentina’s Bitcoin-Friendly Candidate, Javier Milei, in Presidential Election

Bitcoin is up roughly 2% on the news. In Argentina’s presidential run-off election on November 19, the Bitcoin-supportive candidate Javier Milei emerged victorious, surpassing opponent Sergio Massa.

Nearly 99% of the votes tallied revealed Milei securing over 55% of the votes, leading by nearly 3 million votes, as reported by Bloomberg data.

While Milei hasn’t explicitly pushed for Bitcoin as legal tender or a reserve asset, he intends to discard the Argentine peso in favour of the US dollar. The Argentine peso witnessed hyperinflation surge to 143% recently, indicating financial turmoil in the country, prompting the urgent call for reform.

In a demonstration earlier this year, a large group of Argentinians assembled in solidarity with Bitcoin, creating a massive BTC symbol as a form of protest against the widespread inflation devastating the nation.

Despite not being overly explicit about Bitcoin, Argentina’s newly elected president has strongly criticised central banking, stating the “central bank is a scam, a mechanism by which politicians cheat the good people with inflationary tax.” He praised Bitcoin for restoring monetary power to the private sector, noting that it “represents the return of money to its original creator, the private sector,” and that “it prevents politicians from robbing you through inflation.”

Exciting times ahead for Bitcoin, with this news only bolstering current positive fundamentals, including incoming Spot ETF approval and the halving.