Bitcoin Advocate Javier Milei Sweeps Argentina Elections: Could Cryptocurrency Help the Country’s Inflation?
Javier Milei, a pro-Bitcoin libertarian, won the primary elections in Argentina, beating the traditional parties.
He opposes the central bank and wants to use the US Dollar as the official currency. He also supports Bitcoin as a way to fight inflation, which is very high in Argentina.
Cryptocurrency is very popular in Argentina as a hedge against economic crisis.
Argentinian Pro-Bitcoin candidate Javier Milei, representing La Libertad Avanza group, has emerged as the unexpected winner in the primary presidential elections, with over 90% of the votes counted.
Milei’s significant 30.5% lead has put the traditional political giants, the primary conservative opposition group and the ruling Peronist coalition, behind at 28% and 27% each.
The outcome clearly shows that Argentines are becoming more disenchanted with the existing political system, particularly due to a severe economic crisis marked by an alarming 135% inflation rate.
Milei, a self-proclaimed libertarian, has made a name for himself by railing against the central bank and calling for the elimination of all government controls on the economy. He has also expressed support for Bitcoin, which he views as a way to free Argentines from the tyranny of inflation.
While Milei supports Argentina’s economy being “dollarized” by using the US Dollar as an official currency, he hasn’t openly endorsed Bitcoin as a legal tender. Still, the La Libertad Avanza party expressed approval of El Salvador’s Bitcoin adoption in 2021.
Milei’s win is a turning point for Argentina, and it is yet to be seen if he can convert his popularity into a general election victory. However, his success is a sign of the growing power of the anti-establishment sentiment in Latin America. It is also a reminder that the traditional political order is under threat in many countries.
As mentioned earlier, the preliminary elections do not guarantee Milei’s presidency. The final determination of Argentina’s new president will take place in the secondary elections in October.
Cryptocurrency: A Lifeline for Argentines Amid Economic Crisis?
Argentina stands out for having among the highest cryptocurrency adoption rates in Latin America. The contributing factors include citizens’ desire to evade inflation and capital controls.
Cryptocurrency use in Argentina is estimated to be around 12%, which is much higher than in other countries in the region. The nation also has a large Bitcoin mining industry, as miners take advantage of the cheap electricity and devalued peso.
While cryptocurrency is legal and taxable in Argentina, there is also a large black market for digital assets due to the official exchange rate for the peso being much lower than the black market rate.
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