Argentina welcomed a new president over the weekend as pro-Bitcoin and independent candidate Javier Milei won the poll. Interestingly, Milei received 56% of the vote, compared with 44% for his rival, finance minister Sergio Massa. Under its new president, Argentina will seek to combat rising inflation levels and declining economic standards.
BBC reported on November 20 that Milei won the Argentina presidential election. The self-claimed anarcho-capitalist seeks to completely remove the country’s Central Bank because it has proven to be ineffective in combating the skyrocketing inflation levels. The new president of Argentina considers Central Banks as a scam and has plans of replacing the peso with the United States dollar.
Finance Minister Massa Admits Defeat
Back in October, Milei lost at the hands of centrist finance minister Massa in the first round of the presidential election but has now emerged as the final victor. Massa conceded defeat, saying that “obviously the results are not what we had hoped for. I have contacted Javier Milei to congratulate him.”
The BBC noted that Milei’s victory comes at a time when the citizens of Argentina are fed up with the inflation levels, which currently stand at 143%, and at the same time, 40% of the population is living in poverty. Milei became a favorite when he revealed drastic measures to improve the economy, including cutting welfare payments and slashing bureaucracy by closing the ministries of culture, women, health, education, etc.
Milei vowed to “do away with the political caste,” which he blames for the current state of Argentina. “This model of decadence has come to an end. There is no turning back,” said the president-elect, adding:
“From being the richest country in the world, today we are (ranked) 130. Half of Argentines are poor and the other 10% are destitute. Stop this impoverishing model of the caste. Today we embrace the Libertarian model so as to return to being a global power.”
Javier Milei Wins Election: Congratulations All Around
Interestingly, Milei received congratulations from the former president of the US, Donald Trump, who wrote on his Truth Social platform:
“The whole world was watching! I am very proud of you. You will turn your country around and truly Make Argentina Great Again!”
On the other hand, Argentina became the number one country for digital asset exchange Binance’s web traffic, as pointed out in a Reddit post. It seems like the citizens of Argentina have turned to digital assets and Bitcoin while welcoming a Bitcoin-friendly president.
Max Keiser, a Bitcoiner with half a million followers on Twitter, asked the president of El Salvador, the first country to adopt Bitcoin as legal tender, Nayib Bukele, to meet Milei and discuss digital assets. Keiser requested Bukele to invite the new president of Argentina to “dine at the Presidential Palace here in El Salvador and talk about Bitcoin.”
Keiser also confirmed in a succeeding post that Bukele has given the greenlight to his suggestion, adding that El Salvador’s Bitcoin team will make a diplomatic visit to Argentina on a mission of “peace and economic freedom.”
Argentina in Economic Crisis
According to data from Trading Economics, Argentina’s inflation level increased from 138% in September to 142.7% in October. These are the worst readings since 1991 and became a cause for concern as the conditions of citizens worsened.
Bitcoin has served as a lifeline for investors because of its properties as a hedge against inflation. Further, the digital asset also has the potential to bank the 50% of Argentinians that are currently unbanked.