Bitcoin Friendly Far-Right Libertarian Javier Milei Wins Argentina Presidential Election

Opponent Calls to Concede

In the recent presidential election in Argentina, Javier Milei emerged as the clear victor, securing nearly 56% of the vote compared to his rival, Sergio Massa, who garnered 44%. Milei’s victory was acknowledged by Massa, who conceded defeat and congratulated Milei. The election occurred during a period of economic turmoil in Argentina, characterised by high inflation and a crisis-stricken economy.

This outcome defied poll predictions, as Milei won by a substantial margin of over 10 points against the candidate from the ruling Peronist party, centre-left finance minister Massa. Following the election, Massa highlighted the importance of Milei’s role in providing certainty and stability going forward. Former US President Donald Trump also congratulated Milei, expressing optimism about Milei’s potential to improve Argentina’s situation.

Bitcoin maxi, Max Keiser posted in response:

Bitcoin as Legal Tender?

Milei, a supporter of Bitcoin, has promised to shut down the central bank and adopt the US Dollar as legal tender. Argentina has long suffered from hyperinflation and 40% of Argentina’s 45 million citizens live in poverty. Milei also promised to cut ties with China and Brazil and the legalisation of organ sales, one of his most controversial proposals.

Milei’s proposals and viewpoints, particularly on sensitive historical issues and radical economic reforms, have elicited strong reactions from various quarters, including shock and concern from left-wing opponents. His unconventional approach and ideas have led to his being nicknamed “El Loco” (the Madman).

An Argentinian historian called Milei “way more excessive and unstable than [Jair] Bolsonaro and Trump.”

While it remains to be seen if Milei will adopt Bitcoin in any form as legal tender, his announcement to replace the Argentine Peso with the US Dollar makes this highly unlikely. As for Max Keiser’s prediction for the number one crypto to reach US $40,000 (AU$ 61,300) on the news, this remains to be seen as well. At the time of writing Bitcoin is up 2.29% in the past 24 hours as data from CoinMarketCap shows.