Despite falling short in the first round, Bitcoin advocate and Argentine presidential candidate Javier Milei prevailed in the second round.
A new president, Javier Milei, was chosen today by the people of Argentina. Milei is a libertarian with radical policies who aims to stabilize an economy that is reeling from triple-digit inflation, an imminent recession, and rising poverty.
Milei has a reputation for being an ardent advocate for Bitcoin. Milei had nothing but praise for Bitcoin, stating that BTC “represents getting back of money to the private sector, which is its true owner.”
There was a $13 million short sale during Milei’s ascent to the presidency. The promotion of the cryptocurrency pyramid scam CoinX on Milei’s widely followed Instagram account also garnered her criticism. The Argentine presidential contender had promoted the proposal as a means by which the countrymen may avoid inflation. Not only has Milei backed Ethereum, but he has also backed dubious digital asset platforms.
Nonetheless, Milei exercises more caution than Nayib Bukele, the dictator of El Salvador, who is fond of Bitcoin. In contrast to Bukele, who plans to make Bitcoin the national money, Milei has no such plans. On the contrary, he advocates for a dollar-based currency replacement for the Argentine peso, which would give the Federal Reserve and the Bank for International Settlements more influence.
His opponent, Sergio Massa, who is the minister of the economy, conceded defeat in a speech, though the official results have not been released as yet. While Massa was in government, the nation saw its worst economic crisis in twenty years, which hurt his campaign.
Milei believes that economic shock treatment will ensue. Closing the central bank, eliminating the peso from circulation, and reducing expenditure are all parts of his objectives. Voters who were furious about the state of the economy and worried about austerity were both swayed by these improvements.
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