Javier Milei Wins Argentine Presidency; Bitcoin Gains Nearly 3%

Javier Milei, a staunch supporter of Bitcoin and an advocate for anarcho-capitalism, has emerged victorious in the Argentine presidential election, resulting in a near 3% increase in Bitcoin’s value.

Milei triumphed in the election, securing the presidency as his opponent Sergio Massa conceded on Sunday evening. Massa acknowledged the public’s decision, stating, “Argentines chose another path.” With about 87% of votes counted, Milei led with 56% of the vote compared to Massa’s 44%, as reported by Bloomberg.

Bitcoin, which had been relatively stable throughout the weekend, started to climb late Sunday afternoon amid speculation of Milei’s impending victory. Following Massa’s concession, the cryptocurrency saw an increase of nearly 3% over the last 24 hours, reaching a value of approximately $37,350.

Milei has been vocal in his criticism of central banks and his support for Bitcoin. Earlier in the year, he referred to the central bank as a “scam” and highlighted Bitcoin’s significance, stating, “What bitcoin is representing is the return of money to its original creator, the private sector.”

Despite his favorable stance towards Bitcoin, Milei has stopped short of proposing it as legal tender. His economic strategy focuses on abolishing Argentina’s central bank and transitioning to a dollar-based economy, especially in light of the country’s soaring inflation, which hit 142% in October.