In a resounding victory during Argentina’s presidential run-off on November 19, Javier Milei, a pro-bitcoin and far-right populist candidate, secured triumph with over 55% of the votes, commanding a significant lead of nearly 3 million votes, as reported by Bloomberg data.
Milei has vociferously opposed the country’s central bank, condemning it as a “scam” and asserting that it serves as a tool for politicians to levy inflationary taxes on the public.
As of now, the price of Bitcoin stands at $37,229, marking an increase of almost 2% in the past 24 hours.
Milei Wants to Shut Down Central Bank
In the midst of a protracted inflation crisis, Milei’s outspoken criticism of the central bank’s role has struck a chord with voters.
Over the last 12 months, the Argentine peso has experienced an alarming surge of 140% in annual inflation. Milei perceives Bitcoin as a crucial force, championing the idea of returning control of currency to the private sector.
Despite Milei’s favorable stance towards Bitcoin, there is no indication that he intends to designate it as legal tender in Argentina. Milei is set to take office on December 10.
In contrast, the defeated opponent Sergio Massa, who currently serves as the minister of economy, holds contrasting views on the financial landscape. In October, Massa committed to launching a central bank digital currency (CBDC) as a remedy for Argentina’s enduring inflation crisis, highlighting a divergence in perspectives within the country’s political sphere.
Despite securing the first round of the presidential election in October, Massa’s victory was insufficient to claim the presidency outright. This led to the final run-off vote, resulting in Milei’s triumph. Milei had previously emerged victorious in Argentina’s primary election against other prominent candidates in August, establishing the foundation for his successful presidential bid.