Bitcoin Advocate Javier Milei Wins Presidency in Argentine Runoff Election
Summary:
Bitcoin advocate Javier Milei was declared the winner in Argentina's presidential runoff election on November 19. Securing more than half of the votes, Milei beat his rival, Sergio Massa, economy minister of the country. Known for his criticism of Argentina's central bank and persistent inflation crisis, Milei views Bitcoin as a solution, a movement towards the private sector, whereas Massa does not intend to make Bitcoin a legal tender.
In the recent presidential runoff election in Argentina on November 19, Bitcoin advocate Javier Milei emerged victorious, defeating his rival Sergio Massa. As per data procured from Bloomberg, Milei secured about 55% of the votes, enjoying a lead of around 3 million votes, after nearly 99% of the votes were counted. The economy minister, Massa, extended his congratulations to Milei before the final vote tally was officially announced, after more than 90% of the votes were computed. Milei is set to assume the presidency on December 10, holding a more than ten percentage-point advantage over Massa.
Argentina's persistent issue of inflation, characterized by the Argentine peso's annual inflation hiking over 140% in the past 12 months, has been a subject of widespread discussion. Milei has frequently expressed his disapproval of the country's central bank, denouncing it as a fraudulent system that enables politicians to deceive citizens via inflation tax. He perceives Bitcoin as a step towards re-associating money with its original source, i.e., the private sector.
On the contrary, Massa does not intend to recognize Bitcoin as a legitimate currency in the nation. His stance on money, banking, and the cryptocurrency sector is radically different from that of Milei. In October, Massa had proposed introducing a central bank digital currency (CBDC) as a potential solution to Argentina's lingering inflation problem, if he were elected.
Although Massa had come out on top during the first round of the presidential election in October, he failed to gain sufficient votes to claim the presidency outright, leading to the final runoff vote. Before this, in Argentina's primary election held in August, Milei had defeated Massa and other contenders.
Published At
11/20/2023 1:35:05 AM
Disclaimer: Algoine does not endorse any content or product on this page. Readers should conduct their own research before taking any actions related to the asset, company, or any information in this article and assume full responsibility for their decisions. This article should not be considered as investment advice. Our news is prepared with AI support.
Do you suspect this content may be misleading, incomplete, or inappropriate in any way, requiring modification or removal?
We appreciate your report.