Argentina’s Next President Is a Bitcoin Proponent

Javier Milei, a far-right libertarian, has emerged as the winner in Argentina’s presidential run-off election. Milei’s victory is crucial amidst Argentina’s ongoing inflation crisis.

Notably, he is known for advocating the use of Bitcoin and has proposed replacing the Argentinian Peso with the U.S. dollar to respond to the current economic situation.

Milei Wins Argentina Presidency Amid Inflation Crisis

Javier Milei has emerged victorious in Argentina’s presidential run-off, with provisional results indicating a commanding lead of nearly 56% against Sergio Massa’s 44%. This outcome marks a significant turning point in the nation’s political and economic landscape.

In an impassioned victory speech, Milei proclaimed, “Today begins the reconstruction of Argentina,” pledging to restore the country’s lost global standing.

Milei’s triumph, which marks the end of a long-standing Peronist dominance, comes when Argentina faces inflation and economic instability. Milei has expressed his endorsement of Bitcoin, viewing it as a means to empower the private sector and regain financial control.

He further advocates for the elimination of Argentina’s central bank, which he considers to be fraudulent.

However, unlike El Salvador’s President Bukele, who has embraced Bitcoin as a legal tender, Milei favors adopting the U.S. dollar in Argentina’s economy in response to the current inflation rate of 142.7% that the country is grappling with.

Meanwhile, Argentina has demonstrated a keen interest in cryptocurrency, with transaction volumes reaching $85.4 billion and a large grassroots adoption. This inclination is to avoid the peso’s devaluation, soaring inflation, and limitations on obtaining foreign currencies.

Additionally, earlier in the year, a large group of Argentinians rallied in favor of Bitcoin, assembling in the shape of a BTC emblem as a demonstration against the severe inflation affecting the nation.

Milei’s Victory Garners Global Mixed Reaction

Milei’s victory has gotten a mixed global reaction. Former U.S. President Trump congratulated him, foreseeing a rejuvenated Argentina under his leadership. White House National Security Adviser Jake Sullivan echoed these sentiments, emphasizing the United States’ intention to strengthen bilateral ties grounded in shared democratic values.

South American leaders, including Brazil’s President Luiz Inácio Lula da Silva and Chile’s President Gabriel Boric, offered congratulations and support. In contrast, Colombia’s President Gustavo Petro expressed concern, seeing Milei’s neoliberal agenda as inadequate for Latin America’s challenges.

Milei’s rival, Sergio Massa, who favors introducing a central bank digital currency (CBDC) to address Argentina’s inflation crisis, conceded defeat while signaling the heavy responsibility now on Milei’s shoulders.