In a decisive victory, Argentina’s Bitcoin-friendly Javier Milei clinched the presidency in the run-off election on November 19, securing over 55% of the votes with 99% counted. Bloomberg data revealed Milei’s triumphant lead, boasting nearly 3 million votes more than his opponent, Sergio Massa, the country’s minister of economy.
Moreover, Massa graciously conceded before announcing the official results, calling Milei to extend congratulations. The incoming president, set to take office on December 10, inherits the responsibility of navigating Argentina through its persistent inflation crisis. The Argentine peso witnessed an alarming 140% increase in annual inflation over the past 12 months.
Milei, a vocal critic of Argentina’s central bank, denounces it as a “scam” and a tool for politicians to impose an “inflationary tax” on the public. He sees Bitcoin as a pathway to restoring control over money to the private sector, emphasizing its role as a movement toward empowering people.
Milei’s Bitcoin Win Alters Argentina’s Political Election
However, Milei has not signaled any inclination to designate Bitcoin as legal tender in the country. Massa’s stance contrasts with his pledge to launch a central bank digital currency (CBDC) in October. This initiative is aimed at addressing Argentina’s longstanding inflation crisis.
VIVA LA LIBERTAD CARAJO pic.twitter.com/WzzzZaTcsz
— Javier Milei (@JMilei) November 19, 2023
Massa secured victory in the first round of Argentina’s presidential election in October. However, he fell short of the majority needed, necessitating the run-off vote against Milei. The latter had previously triumphed in the primary election in August, securing his place as a formidable contender.
Furthermore, as Milei prepares to assume office, his victory signifies a shift in Argentina’s political landscape. His Bitcoin-friendly outlook diverges from Massa’s proposed CBDC solution to the nation’s economic challenges.
Related Reading | Bitcoin ETF Approval Hinges on Coinbase, Says BitGo CEO