Bitcoin-friendly Javier Milei wins Argentina presidential election

Argentinas Bitcoin (BTC)- friendly Javier Milei won the nations governmental run-off election on Nov. 19, vanquishing his challenger Sergio Massa.With nearly 99% of the vote counted, Milei won over 55% of the votes with an almost 3 million vote lead according to Bloomberg data.Massa, the countrys minister of economy, called Milei to congratulate him on the success after more than 90% of the votes were counted– before the announcement of the first main results. Milei will take workplace on December 10. With almost 100% of the vote counted, Milei had an over 10 percentage point lead on Massa. Source: BloombergArgentinas lasting inflation crisis has been a heated subject in the South American nation, with the Argentine peso recording over a 140% boost in yearly inflation in the last 12 months. Milei has actually been vocal about his criticisms towards the nations reserve bank, referring to it as a rip-off and a “mechanism by which politicians cheat the excellent people with inflationary tax.” Hes referred to Bitcoin as a movement toward “the return of cash to its initial developer, the economic sector.” Related: Bitcoin cost hits all-time highs throughout Argentina, Nigeria and Turkey However, he has actually not signaled any intent to make Bitcoin legal tender in the country.VIVA LA LIBERTAD CARAJO pic.twitter.com/WzzzZaTcsz— Javier Milei (@JMilei) November 19, 2023

Massas views on the cryptocurrency, banking and cash market appear to be polar opposite to Milei. In October, he promised to launch a reserve bank digital currency (CBDC) if elected to “fix” Argentinas long-lasting inflation crisis.Massa won the preliminary of Argentinas governmental election in October. It wasnt enough to win the presidency outright, setting off the last run-off vote.Prior to that, Milei won Argentinas primary election against Messi and other candidates in August.Magazine: Unstablecoins: Depegging, bank runs and other threats loom