Milei's Argentine Presidency Clinch Boosts Bitcoin by 3%

• Argentina's Presidential Elections: Javier Milei Ascends to Power
• Milei Leads with Majority Votes
• Bitcoin's Response to Election Outcome
• Bitcoin Rises Following Milei's Anticipated Win
• Milei's Stance on Bitcoin and Argentinian Economy
• Milei's Views on Bitcoin
• Milei's Proposed Solutions for Argentina's Economy

Argentina's Presidential Elections: Javier Milei Ascends to Power

In the latest update on Argentina's political scene, the country's forthcoming president will be Javier Milei, following his adversary Sergio Massa's admission of defeat on Sunday evening. Massa gracefully acknowledged, Argentines chose another path.

Milei Leads with Majority Votes

As per the data sourced from Bloomberg, with about 87% of the ballots accounted for, Milei commands the lead with a 56% share of the votes in contrast to Massa's 44%.

Bitcoin's Response to Election Outcome

Bitcoin Rises Following Milei's Anticipated Win

While the trading of Bitcoin$42,260 -0.64% (BTC) maintained a low profile throughout the majority of the weekend, a surge in its value was observed late Sunday afternoon. The increase is attributed to the speculation regarding Milei's strong performance in the elections. Post the concession of defeat by Massa, the cryptocurrency saw an approximately 3% increment over the last 24 hours, hitting a value of $37,350.

Milei's Stance on Bitcoin and Argentinian Economy

Milei's Views on Bitcoin

Earlier this year, when asked about Bitcoin, Milei criticized the central bank, terming it as a scam. Furthermore, he added that Bitcoin symbolizes the return of money to its original creator, the private sector.

Milei's Proposed Solutions for Argentina's Economy

Despite his support for cryptocurrency, Milei has not suggested making Bitcoin a legal tender in Argentina. He is campaigning for the abolition of the country's central bank and proposes to dollarize the Argentinian economy. This comes in light of the severe inflation that the economy has suffered, peaking at 142% in October.

Edited by Jonathan Stoker