Bitcoin-Supporter Milei to Face Massa in Nov. 19 Argentina Presidential Run-off
Summary:
In the first round of Argentina's presidential election, Javier Milei, known for his support of Bitcoin, failed to obtain victory and is now preparing for a run-off on November 19. Current Economic Minister Sergio Massa led the initial round with over 36% of votes. Milei, who proposes to replace Argentina's peso with the U.S. dollar and diminish the size of government, secured just over 30%. Conversely, Massa aims to launch a central bank digital currency to tackle the country's persistent inflation crisis. The final vote will take place amidst increasing public concern over the country's escalating debt and poverty levels.
Presidential candidate Javier Milei, known for his support of Bitcoin (BTC), came short of victory in Argentina's first round of the presidential election. A second round is set for Nov. 19 where he will compete against his opponents. Election results reported by Bloomberg on Oct. 23 demonstrate that, with more than 90% of votes tallied, the current economy minister Sergio Massa was in first place with more than 36% of the vote. Milei lagged behind, securing just over 30%. For a candidate to win the presidency outright, they need to obtain 45% of votes or 40% with a lead of 10 percentage points.
Despite this, Milei's underperformance was surprising given that he garnered the majority of votes in the nation’s primary presidential election, securing around 30% of the vote. That initially placed him as the top contender for the presidency. Milei, an anarcho-capitalist, has campaigned on reducing government size and eliminating Argentina’s central bank, which he labels a scam. Part of his plan is to replace the Argentinian peso with the U.S. dollar, a strategy reminiscent of Bitcoin-friendly El Salvador.
His political faction, known as Liberty Advances (La Libertad Avanza), spans a wide range of ideologies, from libertarian to far-right populist. Milei has also criticized fiat currency for allowing politicians to exploit inflation at the expense of Argentines. He regards Bitcoin as a countermeasure against manipulation by “central bank scammers”.
In contrast, Massa intends to initiate a central bank digital currency (CBDC) to address Argentina's persistent inflation crisis if he is elected. He ruled out the adoption of the U.S. dollar. These elections are occurring at a time when about 40% of Argentines live in poverty and are weary of the country’s escalating debt crisis. Inflation is projected to reach 140% by year-end.
The people of Argentina will return to the voting booths on Nov. 19. The candidate who secures the most votes will become president for four years.
Published At
10/23/2023 1:49:22 AM
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