The Bitcoin price is returning near all-time highs in Argentina after Javier Milei, crypto advocate and recent winner of the presidential election, was elected as the country’s new president last night.
Argentina’s newly elected president has previously expressed favorable views toward Bitcoin, describing it as “the return of money to its original creator: the private sector.” See below for all the details.
Summary
Impact of elections: Bitcoin nears record price levels in Argentina
As anticipated, the price of Bitcoin in Argentina is again approaching record highs following the victory of Javier Milei, a supporter of the prestigious crypto, in the country’s presidential election last night.
Specifically, Bitcoin surged 2% from about 13 million to 13.2 million Argentine pesos after the announcement and then stabilized. It currently stands at 13.17 million Argentine pesos, according to CoinGecko data.
However, despite the price increase, Bitcoin has not yet reached new all-time highs in the country, set at 13.37 million Argentine pesos on 16 November.Â
That figure had been set in conjunction with the strong rise of Milei, which became the favored candidate on the decentralized forecasting platform Polymarket.
Moreover, the current rise is not comparable to that which occurred when Milei triumphed in the summer primaries on 13 August, leading Bitcoin to rise more than 20% to 10.2 million Argentine pesos in just 24 hours.
In the past 24 hours, Bitcoin has also surged 1.5% in U.S. dollar terms, currently trading at around $37,215 according to price data from The Block.
Javier Milei: “Bitcoin as an alternative to economic decline”
Recently, Javier Milei, the winner of the recent presidential election in Argentina, expressed support for Bitcoin’s potential as a monetary alternative, calling the central bank a “scam.”
However, despite similarities with El Salvador’s president Nayib Bukele, who legalized Bitcoin in his country, Milei seems not to be leaning toward its adoption as legal tender, but rather toward replacing Argentina’s central bank and dollarizing the economy.
Milei stressed that Bitcoin represents the possibility of returning control over the currency to the private sector, countering the central bank’s alleged deception.
Although Bitcoin can compete with other currencies, the president-elect believes that governments will not easily give up their legal currencies.
In addition, Milei’s victory has generated mixed reactions in the cryptocurrency world, with industry members congratulating him and emphasizing the hope Bitcoin represents for Argentina.Â
However, some express concern about the possible economic and social consequences his presidency could bring. Milei will take office on 10 December, raising expectations and uncertainties about Argentina’s future direction.
Bitcoin rises again to $37,000 after changes in Argentina
The cryptocurrency market has experienced a remarkable rise, with Bitcoin (BTC) surpassing $37,000 today, according to CoinGecko data.
As we have already mentioned, this improvement is attributed to the victory of Javier Milei, a pro-Bitcoin candidate, in Argentina’s presidential election.
In fact, Javier Milei, known for his radical economic positions and support for Bitcoin, emerged victorious in the Argentine elections, indicating a desire for economic change in the context of high inflation and crises.
The effect of his victory was positively reflected in the price of Bitcoin, which rose significantly according to financial analyst Holger Zschaepitz.
In addition, Argentina, already scarred by economic instability, has seen increased interest in cryptocurrencies as a means of hedging against inflation.
With Milei’s rise to power, there is the prospect of more cryptocurrency-friendly policies, strengthening Argentina’s position as one of the most Bitcoin-friendly nations in the world and paving the way for further adoption in the country’s financial system.
