In a stunning victory, Javier Milei has won the Argentine presidency, leading to a notable rise in the value of bitcoin. The president-elect’s economic agenda, which leans toward adopting the dollar in place of the peso, is shaking up cryptocurrency markets and raising expectations for the country’s future monetary policy.
On Sunday, November 19, 2023, Milei secured the presidency with a lead of more than two million votes over his closest rival, Sergio Massa. His inauguration is scheduled for December 10. This triumph follows a week marked by Milei’s vocal criticism of central bank practices and a dramatic display of his stance when he smashed a central bank piñata on television.
The new president’s victory comes at a crucial time for Argentina as the nation grapples with an economic crisis. With peso hyperinflation soaring to 143%, as reported on Monday, November 13, Milei has put forward a radical proposal to dollarize the Argentine economy. The move is aimed at stabilizing the financial system and curbing runaway inflation.
Earlier this year, public frustration with inflation reached a boiling point when Argentines took to the streets and organized themselves into a formation resembling the bitcoin symbol. This act of protest underscored the growing interest in alternative forms of currency amid economic turmoil.
While Milei has not yet committed to adopting bitcoin as legal tender or a reserve currency, his election has fueled speculation about potential shifts in Argentina’s approach to cryptocurrency. Observers are drawing parallels to El Salvador’s pioneering steps in embracing digital currencies.
The implications of Milei’s victory extend beyond Argentina’s borders, as global markets react to his proposed policies. With an eye toward December 10 and beyond, stakeholders are closely watching how Argentina’s new leadership will navigate the intersection of traditional finance and emerging digital assets.
