Bitcoin

April

<p>Libertarian economist and pro-Bitcoin presidential candidate Javier Milei is gaining ground among Argentine voters, per <a href="https://twitter.com/BitcoinMagazine/status/1655961049814712320">Bitcoin Magazine</a>.</p>
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<p>As the country struggles amid its ongoing economic crisis, thoughts turn to the upcoming presidential election scheduled for <a href="https://www.batimes.com.ar/news/argentina/mileis-policies-and-poll-numbers-spark-concern-in-argentina.phtml">Oct. 22</a>. With unconventional economic views, Milei stands out as the candidate capable of solving Argetina&#8217;s many problems.</p>
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<h2 id="country-in-economic-crisis">Country in economic crisis</h2>
<p>Consumer Price Index (CPI) inflation has grown month on month since April 2022 and currently stands at <a href="https://tradingeconomics.com/argentina/inflation-cpi">104.3%</a>.</p>
<p>To make matters worse, the peso continues sliding against the dollar in a pattern resembling a slow rug memecoin.</p>
<p>Since the start of the year, the peso has lost 24% against the dollar — hitting a record low with each passing week. It takes about 250 pesos to buy a dollar at the official rate.</p>
<p>However, according to <a href="https://www.aljazeera.com/economy/2023/5/9/soaring-prices-hammer-argentinians-businesses">Al Jazeera</a>, currency controls limit foreign exchange — leading to a black market rate costing up to 500 pesos to buy a dollar.</p>
<figure id="attachment_323996" aria-describedby="caption-attachment-323996" style="width: 1024px" class="wp-caption aligncenter"><img class="wp-image-323996 size-large" src="https://cryptoslate.com/wp-content/uploads/2023/05/ARSUSD_2023-05-10_09-58-57-1024x465.png" alt="Argentine peso vs US dollar" width="1024" height="465" srcset="https://cryptoslate.com/wp-content/uploads/2023/05/ARSUSD_2023-05-10_09-58-57-1024x465.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/05/ARSUSD_2023-05-10_09-58-57-300x136.png 300w, https://cryptoslate.com/wp-content/uploads/2023/05/ARSUSD_2023-05-10_09-58-57-768x349.png 768w, https://cryptoslate.com/wp-content/uploads/2023/05/ARSUSD_2023-05-10_09-58-57.png 1280w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-323996" class="wp-caption-text">Source: ARSUSD on TradingView.com</figcaption></figure>
<p>In a bid to rein in inflation and reverse currency devaluation, the central bank raised interest rates by a staggering 10% to <a href="https://www.reuters.com/markets/rates-bonds/argentina-plans-huge-rate-hike-91-stem-peso-slide-inflation-source-2023-04-27/">91%</a> last month.</p>
<p>Argentina has a $44 billion loan from the International Monetary Fund (IMF). Currently, talks are ongoing to &#8220;redesign&#8221; the program — including moving a disbursement of <a href="https://en.mercopress.com/2023/05/09/talks-between-argentina-and-imf-progressing-constructively">$10.6 billion</a> forward to next month.</p>
<p>The IMF&#8217;s <a href="https://cryptoslate.com/this-is-why-the-imf-hates-bitcoin/">opposition</a> to Bitcoin has raised questions about its political influence over countries it lends money.</p>
<h2 id="bitcoin-is-approaching-an-all-time-high-in-argentine-pesos">Bitcoin is approaching an all-time high in Argentine pesos</h2>
<p><a href="https://www.batimes.com.ar/news/argentina/mileis-policies-and-poll-numbers-spark-concern-in-argentina.phtml">Milei</a> takes a laissez-faire approach to economics and politics — meaning he believes in free markets with minimal government intervention. His manifesto has included a plan to dollarize the Argentine economy — which has polarized the electorate.</p>
<p>Although this plan could stabilize and strengthen the peso, critics argue it may also trigger a run on the native currency. Additionally, they question where Milei would obtain the necessary dollars to support the plan.</p>
<p>Milei recently appeared on national television, where he beat a model of a central bank like a <a href="https://twitter.com/AssLatam/status/1653465308806500352">pinata</a> — indicating his views on conventional economics. Earlier this year, he said <a href="https://twitter.com/BTC_Archive/status/1610647520765517824">Bitcoin</a> could eliminate the central bank.</p>
<p><a href="https://www.batimes.com.ar/news/argentina/mileis-policies-and-poll-numbers-spark-concern-in-argentina.phtml">Polls</a> indicate that 59.2% of Argentinians seek &#8220;total change&#8221; of government — which chimes well with Mileu&#8217;s campaign focusing on doing away with conventional politicians.</p>
<p>Similarly, the poll revealed that, across hypothetical scenarios of president and vice president combinations, Milei also got the nod from respondents.</p>
<blockquote><p>&#8220;In all three potential line-ups, Milei emerged with the highest voting intention, hovering between 23.7 and 24.3 percent.&#8221;</p></blockquote>
<p>However, before Milei can win the presidency, he must first face the primary elections, which are scheduled for August 13.</p>
<p>Meanwhile, in another vote as such, Argentine demand for Bitcoin sends the price soaring to 6,341,980 pesos. Its all-time high peso price was 6,735,710 — achieved at the market top in November 2021.</p>
<figure id="attachment_324008" aria-describedby="caption-attachment-324008" style="width: 1024px" class="wp-caption aligncenter"><img class="wp-image-324008 size-large" src="https://cryptoslate.com/wp-content/uploads/2023/05/Capture-4-1024x403.png" alt="Bitcoin to ARS" width="1024" height="403" srcset="https://cryptoslate.com/wp-content/uploads/2023/05/Capture-4-1024x403.png 1024w, https://cryptoslate.com/wp-content/uploads/2023/05/Capture-4-300x118.png 300w, https://cryptoslate.com/wp-content/uploads/2023/05/Capture-4-768x302.png 768w, https://cryptoslate.com/wp-content/uploads/2023/05/Capture-4.png 1095w" sizes="(max-width: 1024px) 100vw, 1024px" /><figcaption id="caption-attachment-324008" class="wp-caption-text">Source: <a href="https://www.xe.com/currencycharts/?from=BTC&amp;to=ARS&amp;view=2Y">xe.com</a></figcaption></figure>
<p>The post <a rel="nofollow" href="https://cryptoslate.com/javier-milei-pro-bitcoin-argentine-presidential-candidate-rising-in-polls/">Javier Milei: Pro-Bitcoin Argentine presidential candidate rising in polls</a> appeared first on <a rel="nofollow" href="https://cryptoslate.com">CryptoSlate</a>.</p>

Javier Milei: Pro-Bitcoin Argentine presidential candidate rising in polls

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