In a historic moment for both the country and the crypto community, Argentina has ushered in a new era by welcoming its first-ever pro-Bitcoin president.
Argentina elects Pro Bitcoin president
On November 19, Argentina announced the results of its presidential elections. Reports the election results show that right-libertarian and Bitcoin supporter, Javier Milei won almost 56% of the 90% of votes counted. While his rival candidate, Minister Sergio Massa, received 44% of the votes.
The momentous win positions Milei as the face of one new era in Argentinacharacterized by his stated commitment to solving the country’s inflation problems by abolishing the country’s Central Bank and utilizing digital currency such as Bitcoin.
In a public victory speech to his supporters in Buenos Aires, Milei declared that Argentina’s transformation process had just begun and that the country was on the path to economic recovery. He promised to work with all countries to help develop Argentina and make it a better country.
“Today the reconstruction of Argentina begins. Today begins the end of Argentina’s decline. The model of decadence has come to an end. There is no way back,” said Milei.
He further added that “Argentina will return to its place in the world that it should never have lost. We will work shoulder to shoulder with all the nations of the free world to help build a better world.”
Former President of the United States, Donald Trump praised Milei secure the victory in the Argentine presidential elections. He expressed his pride in Milei’s incredible achievement and expressed his expectations for Milei’s efforts to restore Argentina.
“Congratulations to Javier Milei for a great race for the President of Argentina. The whole world was watching! I am very proud of you. You will change your country and truly make Argentina great again,” Trump said declared.
BTC price rises as Argentina embraces a new era of crypto
Following the news of Javier Milei’s victory in the Argentine presidential elections, Bitcoin price is on an upward trend and trading above $37,000 mark. The price of the cryptocurrency at the time of writing is $37,199 according to CoinMarketCap.
One of Milei’s main policies as president of Argentina is to discontinue the use of the Argentine peso and adopt the US dollar as the country’s main currency. He has also thought about the introduction of Bitcoin as a potential legal tender and stated possibilities to launch a central bank digital currency (CBDC) in Argentina.
Although the proposals aim to significantly reduce the long-term inflation 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 of Cryptopolitan, chart from Tradingview.com