Argentina Elects Pro-Bitcoin President Milei
Argentina is on the brink of change with the recent election of Javier Milei, a non-traditional, far-right libertarian, as its new President.
Milei’s victory, celebrated by the crypto community for his pro-Bitcoin and anti-central bank stance, marks a significant shift in the country’s political landscape.
The timing of this election couldn’t be more critical, considering Argentina’s ongoing struggle with surging inflation and a faltering economy. Milei’s provisional win of nearly 56% of the votes against his rival, economy minister Sergio Massa, signifies a clear mandate for change. With almost 90% of the votes counted and Massa conceding, the direction is set.
In his triumphant address to supporters in Buenos Aires, Milei declared the beginning of Argentina’s revival, emphasizing the end of a declining model. He expressed a vision of reclaiming Argentina’s global standing and pledged collaboration with free nations to construct a better world.
Noteworthy figures, including former US President Donald Trump and MicroStrategy CEO Michael Saylor, extended their congratulations. Trump envisioned a “Make Argentina Great Again!” campaign, while Saylor hailed Bitcoin as a beacon of hope for the nation.
Additionally, calls for collaboration emerged, such as Bitcoin advocate Max Keiser urging a meeting between Milei and El Salvador’s President Nayib Bukele regarding Bitcoin. Reports even highlighted the jubilant celebration of Milei’s victory, where hyper-inflated Argentinian pesos were tossed in the air as confetti.
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The economic backdrop is staggering, with Argentina grappling with an inflation rate currently soaring at 142.7%. Bitcoin, in contrast, hit an all-time high against the local currency earlier this year, now demanding over 13 million ARS per coin.
Milei, known for his anarcho-capitalist beliefs, has vehemently criticized the country’s central bank, labeling it a deceptive tool fostering inflationary taxation. His support for Bitcoin aligns with his view of returning financial control to the private sector.
The ascent of Milei in Argentina resonated across South America, garnering supportive messages from leaders in Brazil and Chile, signifying the regional impact of this unexpected political shift.