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In a decisive turn of events, Argentina’s Bitcoin-friendly candidate, Javier Milei, emerged victorious in the presidential run-off election on November 19, securing over 55% of the votes with 99% of the ballots counted. Milei’s triumph over his opponent, Sergio Massa, marked a significant shift in the country’s political landscape.
With a lead of nearly 3 million votes, as reported by Bloomberg data, Milei’s win reflects a growing sentiment of support for a candidate who openly embraces Bitcoin. The victory was acknowledged by Massa, the country’s minister of economy, who congratulated Milei on the win after more than 90% of the votes were tallied, even before the official results were announced. Milei is set to assume office on December 10.
Argentina’s enduring struggle with inflation has been a focal point, with the Argentine peso witnessing a staggering 140% increase in annual inflation over the last 12 months. Milei, a vocal critic of the country’s central bank, denounces it as a “scam” and a tool for politicians to impose an “inflationary tax” on the people.
He sees Bitcoin as a movement towards restoring control over money to the private sector, although he has not indicated any plans to make it legal tender in the country.
In contrast, Massa’s stance on money, banking, and cryptocurrency sharply differs from Milei’s. In October, Massa pledged to launch a central bank digital currency (CBDC) if elected, presenting it as a solution to Argentina’s persistent inflation crisis. Massa had previously won the first round of the presidential election in October but fell short of securing the presidency outright, leading to the final run-off vote.
Milei’s journey to victory included winning the primary election in August, triumphing over candidates like Messi. His success signals a departure from traditional political narratives and a potential shift towards a more Bitcoin-friendly agenda in Argentina.
