Bitcoin rises as pro-BTC candidate Javier Milei wins Argentine presidency Bitcoin rises as pro-BTC candidate Javier Milei wins Argentine presidency
Inflation-weary Argentina elects Milei, a Bitcoin proponent, sparking discussions on its role in national economic reform.
2 min read
Updated: Nov. 20, 2023 at 1:09 am UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
In a landmark victory, Javier Milei has clinched the presidential seat in Argentina, signaling a potential seismic shift in the country’s economic landscape. Milei, known for his fervent endorsement of Bitcoin and scathing criticism of central banks, has brought a wave of optimism to the crypto market. After announcing his win, Bitcoin’s price saw an immediate uptick, up 2% to $37,302.
According to Reuters, Milei’s triumph in the elections is a nod to Argentina’s growing discontent with traditional financial institutions, which has been grappling with one of the world’s highest inflation rates. His outspoken stance against central banks, which he brands as a ‘scam,’ and his advocacy for returning financial power to the private sector through cryptos like Bitcoin resonated with a significant portion of the electorate.
The provisional results show Milei securing over 55% of the votes, a clear mandate from the Argentine public. His main rival, Sergio Massa, conceded the run-off vote before the official results were declared. This victory is particularly notable as it marks an extraordinary rise for Milei, a former TV pundit and a political outsider who promised to “break up with the status quo.”
One of Milei’s most ambitious campaign promises is to dollarize Argentina. This move, if actualized, will be unprecedented for a country of Argentina’s size, effectively ceding control of its monetary policy to U.S. decision-makers. This proposal underscores Milei’s commitment to radical economic reforms, including a potential crypto pivot.
Milei’s election could herald a new era for Argentina, where embracing digital currencies may become a cornerstone of its economic policy. This shift is being closely watched by the global financial community, as it could set a precedent for how nations grappling with high inflation and distrust in traditional banking systems might turn towards decentralized digital currencies for stability and growth.
As Argentina embarks on this new journey with a pro-Bitcoin leader at its helm, the world watches keenly to see how this bold experiment in national economic reform will unfold.
Bitcoin Market Data
At the time of press 1:09 am UTC on Nov. 20, 2023, Bitcoin is ranked #1 by market cap and the price is up 2.32% over the past 24 hours. Bitcoin has a market capitalization of $729.74 billion with a 24-hour trading volume of $13.38 billion. Learn more about Bitcoin ›
Crypto Market Summary
At the time of press 1:09 am UTC on Nov. 20, 2023, the total crypto market is valued at at $1.42 trillion with a 24-hour volume of $39.59 billion. Bitcoin dominance is currently at 51.44%. Learn more about the crypto market ›
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Bitcoin, a decentralized currency that defies the sway of central banks or administrators, transacts electronically, circumventing intermediaries via a peer-to-peer network.
