Argentina Elects Bitcoin-Friendly President Javier Milei
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Argentina Elects Bitcoin-Friendly President Javier Milei

Created 1w ago, last updated 1w ago

Bitcoin advocate Javier Milei won Argentina's presidential election on Sunday, promising to stabilize the economy and curb rampant inflation.

Argentina Elects Bitcoin-Friendly President Javier Milei

Javier Milei has been elected president of Argentina after winning over 55% of the votes in Sunday's national runoff election.

Source: Bloomberg

With 99% of votes counted, Milei secured over 14 million votes while Massa garnered over 11 million votes, according to election officials. Massa called Milei on Sunday evening to concede the election before any official results were announced.

Milei will be sworn into office on December 10th. His rise to the presidency comes amid skyrocketing inflation in Argentina, which has robbed citizens of their purchasing power. The Argentine peso has lost over 140% of its value against the US dollar in the last year.

As a vocal critic of central banking, Milei has referred to the Argentine central bank as a "scam" that allows politicians to "cheat the good people with inflationary tax." He advocates replacing the peso with the US dollar to restore stability.

While Milei has not proposed making Bitcoin legal tender, he has praised it as a return of money creation "to its original creator, the private sector." His staunch free-market views have found fertile ground in Argentina's climate of economic uncertainty.

Sunday's election marks a dramatic political realignment for Argentina, which has suffered from economic mismanagement for decades. Milei has gained a fervent following among youth and libertarians with his unconventional views.

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