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<p class="is-style-lead">Bitcoin advocate Javier Milei has emerged victorious in Argentina’s presidential run-off election on Nov. 19, surpassing his rival Sergio Massa.</p> 
<p>With nearly 99% of votes counted, <a href="https://www.bloomberg.com/graphics/2023-argentina-election/" target="_blank" rel="noopener">reports </a>indicate that Milei secured a commanding lead with over 55% of the vote, surpassing his nearest competitor by almost 3 million votes.</p> 
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 <img decoding="async" loading="lazy" width="806" height="385" src="https://crypto.news/app/uploads/2023/11/Screenshot-7-1.png" alt="Bitcoin advocate Javier Milei wins Argentine presidential race - 25" class="wp-image-14217610">
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  Milei leads Massa by over 10% point, with nearly all votes counted | Source: Bloomberg
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<h2 class="wp-block-heading" id="argentina-welcomes-a-btc-friendly-leader">Argentina welcomes a BTC-friendly leader</h2> 
<p>Sergio Massa, Argentina’s Minister of Economy, congratulated Milei on his victory after over 90% of votes were counted, ahead of the official results. Milei is scheduled to take office on Dec. 10.</p> 
<p>Ex-US President Donald Trump congratulated Milei on his win, expressing his belief that Milei would “Make Argentina Great Again!”</p> 
<p>He was also congratulated by MicroStrategy CEO Michael Saylor, who <a href="https://twitter.com/saylor/status/1726407355103899977" target="_blank" rel="noopener">said</a>, “Bitcoin is hope for Argentina. Congratulations J.Milei.”</p> 
<p>Bitcoin advocate Max Keiser has suggested a meeting between Milei and El Salvador’s President Nayib Bukele, hinting at potential Bitcoin-centric discussions.</p> 
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   <p lang="en" dir="ltr">Mr President, <a href="https://twitter.com/nayibbukele?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">@nayibbukele</a> <br><br>Do we have your Ok — for the <a href="https://twitter.com/hashtag/Bitcoin?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#Bitcoin</a> team to fly to Argentina, representing <a href="https://twitter.com/hashtag/ElSalvador?src=hash&amp;ref_src=twsrc%5Etfw" target="_blank" rel="noopener">#ElSalvador</a>, and invite Javier Milei to dine at the Presidential Palace here in 🇸🇻 and talk BITCOIN with you and the team. <a href="https://t.co/EcocFdIqdx" target="_blank">pic.twitter.com/EcocFdIqdx</a></p>— Max Keiser (@maxkeiser) <a href="https://twitter.com/maxkeiser/status/1726380099480494353?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 19, 2023</a>
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<p>Reports also emerged of hyper-inflated Argentinian pesos being tossed into the air like confetti to celebrate the victory.</p> 
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   <p lang="en" dir="ltr">Hyper-inflated 🇦🇷 Argentinian pesos are being thrown in the air as confetti to celebrate Milei’s victory 👀<br><br> <a href="https://t.co/ITKa9RB1Co" target="_blank">pic.twitter.com/ITKa9RB1Co</a></p>— Bitcoin News (@BitcoinNewsCom) <a href="https://twitter.com/BitcoinNewsCom/status/1726392024503296269?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 20, 2023</a>
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<p>Argentina’s economic woes, <a href="https://crypto.news/bitcoin-reaches-ath-in-argentina-as-pro-crypto-candidate-wins-primaries/">particularly the inflation crisis</a>, have been a pressing issue. The Argentine peso has seen over a 140% increase in annual inflation in the past year.</p> 
<p>This economic instability has led many Argentinians to <a href="https://crypto.news/argentinas-citizens-embrace-crypto-despite-central-bank-ban/">turn to digital currencies like Bitcoin</a> to hedge against inflation and to bypass strict capital controls.</p> 
<p> You might also like: <a href="https://crypto.news/can-a-crypto-friendly-leader-change-argentinas-economy-amid-hyperinflation/"> Can a crypto-friendly leader change Argentina’s economy amid hyperinflation? </a> </p> 
<h2 class="wp-block-heading" id="milei-seeks-to-end-central-bank">Milei seeks to end central bank</h2> 
<p>Milei has been openly critical of Argentina’s central bank, labeling it a fraudulent institution that facilitates inflationary tax. He views Bitcoin (<a href="https://crypto.news/price/bitcoin/" data-type="link" data-id="https://crypto.news/price/bitcoin/">BTC</a>) as a step towards restoring monetary control to the private sector.</p> 
<p>While Milei has yet to propose Bitcoin as a legal tender or reserve asset, his plans include replacing the Argentine peso with the US dollar.</p> 
<p>The Argentine government has had a fluctuating stance on digital assets.</p> 
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  <img decoding="async" loading="lazy" width="3024" height="4032" data-id="14217671" src="https://crypto.news/app/uploads/2023/11/IMG_8163-rotated.jpeg" alt="Argentines handing out Milei flags, Nov. 20, 2023. Courtesy: crypto.news" class="wp-image-14217671">
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   Argentines handing out Milei flags, Nov. 20, 2023. Courtesy: crypto.news
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<p>While the government had warned about the risks of digital assets in 2014, it shifted its perspective by 2017, acknowledging the potential economic benefits of blockchain and cryptocurrencies.</p> 
<p>In 2019, the central bank regulated cryptocurrency exchanges, enforcing anti-money laundering and counter-terrorism financing measures. However, that same year, Argentina restricted the purchase of cryptocurrencies using credit cards in an attempt to stabilize the peso.</p> 
<p>The future of Bitcoin in Argentina remains uncertain, but Milei’s election could be a step towards embracing digital currencies, potentially following El Salvador’s lead in adopting Bitcoin as legal tender.</p> 
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   <p lang="es" dir="ltr">VIVA LA LIBERTAD CARAJO <a href="https://t.co/WzzzZaTcsz" target="_blank">pic.twitter.com/WzzzZaTcsz</a></p>— Javier Milei (@JMilei) <a href="https://twitter.com/JMilei/status/1726281792985215303?ref_src=twsrc%5Etfw" target="_blank" rel="noopener">November 19, 2023</a>
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<h2 class="wp-block-heading" id="bitcoin-hits-new-highs">Bitcoin hits new highs</h2> 
<p>Bitcoin has reached an all-time high against the Argentinian peso, with the current rate exceeding 13 million ARS for one Bitcoin, as per the latest data from CoinGecko.</p> 
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 <img decoding="async" loading="lazy" width="1200" height="1200" src="https://crypto.news/app/uploads/2023/11/chart.png" alt="Bitcoin advocate Javier Milei wins Argentine presidential race - 26" class="wp-image-14217602">
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  BTC/ARS 5 years chart | Source: <a href="https://www.coingecko.com/en/coins/bitcoin/ars" target="_blank" rel="noopener">CoinGecko</a>
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<p>Over the past five years, BTC has seen a staggering 7,400% rise against the Argentine peso, with a 383% increase over the past year and a 26.8% rise in the last month, reflecting the growing interest and reliance on cryptocurrencies in the face of economic instability.</p> 
<p> Read more: <a href="https://crypto.news/argentina-criminalizes-peso-burning-amid-growing-crypto-use/"> Argentina criminalizes peso burning amid growing crypto use </a> </p>

Bitcoin advocate Javier Milei wins Argentine presidential race

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