In Argentina, the election of outspoken libertarian Javier Milei as president is setting the stage for potential ripple effects throughout the worlds of both traditional finance and cryptocurrencies.

After Milei's successful bid to become the leader of South America's second-largest economy was confirmed on Sunday, the price of bitcoin shot up to its highest mark in more than a year and a half and almost hit $38,000. The unorthodox politician has heralded Bitcoin as "the return of money to its original creator — the private sector."

All eyes are now on what might be in store for crypto in the country, given Milei's stances on monetary policy and the Argentine Peso's severe issues with hyperinflation and devaluation.

"His presidency could pave the way for greater acceptance and …