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Milei’s presidential win leads to Bitcoin nearing all-time high in Argentina

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Bitcoin’s surge in Argentina, nearing its all-time high, following the election of libertarian economist Javier Milei as president, reflects the growing confidence in alternative currencies amid economic turmoil.

The price of bitcoin in Argentina is reapproaching all-time highs after pro-bitcoin libertarian Javier Milei’s victory in the country’s presidential election last night.

Bitcoin jumped 2% from around 13 million to 13.2 million Argentine pesos following the announcement before consolidating. It is currently trading at 13.17 million Argentine pesos, according to CoinGecko data.

The price rise did not quite take bitcoin to new all-time highs in the country — 13.37 million Argentine pesos. That figure was set on Thursday, Nov. 16, coinciding with Milei becoming the strongly favored candidate on the decentralized prediction platform Polymarket.

It also did not rise as significantly as when Milei won the country’s summer primaries on Aug. 13, soaring more than 20% to 10.2 million Argentine pesos within 24 hours.

Bitcoin is also up 1.5% over the last 24 hours in U.S. dollar terms, currently trading at $37,215, according to The Block’s price data.

When asked about the potential for bitcoin as a monetary alternative in an interview with the Argentine newspaper Clarín last year, “The first thing we have to understand is that the central bank is a scam. It is a mechanism by which politicians cheat good people with an inflationary tax,” Milei said.

“Bitcoin is the natural reaction against central bank scammers and to make the money private again.”

With 99% of votes counted, Milei won 55.7% of support compared to 44.3% for Argentina’s current economy minister, Sergio Massa, according to Bloomberg.

Congratulations poured in from prominent figures in the bitcoin community for Milei’s victory, while others expressed caution about the impact of his presidency on the country’s economy.

Milei will assume office on Dec. 10.

© 2023 The Block. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.

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