Javier Milei, a staunch advocate of bitcoin, emerged victorious in the run-off election for the presidency of Argentina on November 19, defeating his opponent Sergio Massa. Milei’s victory was unexpected and marked by a significantly large margin, as he garnered around 56% of the vote while Massa received just over 44%. According to Bloomberg, with nearly 99% of the votes counted, Milei secured a dominant 55% of the votes, leading by about 3 million votes.
#### The Rise of bitcoin in Argentina
Before the official announcement of the results, Massa congratulated Milei on his victory in a phone call. Milei, who has been a vocal advocate for returning money to the private sector with bitcoin, has characterized the cryptocurrency as a transformative movement. He has criticized Argentina’s central bank, calling it a scam and a tool used by politicians to deceive the public with inflationary taxes.
Milei’s victory has lent much-needed support to bitcoin, with potential implications for its recognition as a recognized medium of exchange in Argentina. The prospect of Argentina adopting bitcoin as a recognized currency and integrating it into its reserve assets is gaining attention.
#### The Road Ahead for Argentina
In a defiant speech after the result, Milei stated that the era of decadence has concluded, and there’s no turning back. He also acknowledged the challenges that lie ahead. Before assuming office on December 10, Argentina’s new president will likely deal with the country’s pressing problems. Not only has the Argentine government lost access to foreign finance markets, but the country’s central bank has also dried up.
“We have major problems ahead: inflation, unemployment, and poverty,” Milei said. “The situation is critical, and there is no place for tepid half-measures.”
Milei intends to replace the Argentine peso with the US dollar, even though he hasn’t yet supported using bitcoin as legal cash or holding it as a reserve asset.
#### Argentines’ Symbolic Support For bitcoin Against Inflation
The hyperinflation of the Argentine peso reached 143% and was still on the rise, leaving the country in dire need of reform. To voice their opposition to the extreme inflation, hundreds of Argentines came together earlier this year and formed a massive BTC symbol in support of the cryptocurrency.
The current state of bitcoin in Argentina is marked by ambiguity, with the recent inauguration of Milei providing a potential ray of optimism. This development raises the prospect of Argentina emulating the path taken by El Salvador in relation to bitcoin.
### News source: bitcoinist.com