In a historic moment for both the country and the crypto community, Argentina ushered in a new era by welcoming its first-ever pro-Bitcoin president.
Argentina elects pro-Bitcoin president
On November 19, Argentina released the results of its presidential election. Reports election results reveal that supporters of the libertarian right and Bitcoin lawyer, Javier Milei won nearly 56% of the 90% of votes counted. While his rival candidate, Minister Sergio Massa, received 44% of the vote.
This momentous victory positions Milei as the face of a new era in Argentinamarked by his stated commitment to solving the country’s inflationary problems by abolishing the country’s Central Bank and using digital currencies like Bitcoin.
In a public victory speech to supporters in Buenos Aires, Milei said Argentina’s transformation process had only just begun and the country was on the path to economic recovery. He promised to work with all nations to help develop Argentina and make it a better country.
“Today begins the reconstruction of Argentina. Today begins the end of Argentina’s decline. The model of decadence has ended. There’s no going back,” Milei said.
He added that “Argentina will regain the place it should never have lost in the world. We will work side by side with all the nations of the free world to help build a better world.
Former United States President Donald Trump congratulated Milei for ensure victory in the Argentine presidential election. He expressed pride in Milei’s incredible feat and expressed enthusiasm for Milei’s efforts to restore Argentina.
“Congratulations to Javier Milei on his great run for president of Argentina. The whole world was watching! I am very proud of you. You will transform your country and truly make Argentina great again,” Trump said. declared.
BTC Price Rises as Argentina Embraces New Era of Crypto
Following the announcement of Javier Milei’s victory in the Argentine presidential elections, the price of Bitcoin followed an upward trend, trading above the $37,000 mark. The price of the cryptocurrency at the time of writing is $37,199 according to CoinMarketCap.
One of Milei’s main political projects as Argentine president is to end the use of the Argentine peso and adopt the US dollar as the country’s primary currency. He also considered the introduction of Bitcoin as potential legal tender and declared the possibility of launching a central bank digital currency (CBDC) in Argentina.
While the proposals aim to significantly reduce the long-lasting inflationary crisis in the Argentine economy, the involvement of Bitcoin could potentially herald a new wave of economic growth for the crypto industry.
BTC recovers following Milei's win | Source: BTCUSD on Tradingview.com
Featured image from Cryptopolitan, chart from Tradingview.com