Late Sunday evening, it was confirmed that pro-Bitcoin candidate Javier Milei had officially won Argentina’s presidential election, defeating his opponent Sergio Massa by 2,786,457 votes. The new president will now take office on December 10.
Although Milei has not yet advocated for Bitcoin to be used as legal tender or to hold BTC as a reserve asset, he is considering abolishing the Argentine peso and replacing it with the US dollar. Last Monday, the Argentine peso saw its hyperinflation reach 143% and grow, leaving the nation financially ruined and in desperate need of change.
Earlier this year, hundreds of Argentines rallied in support of Bitcoin, forming a giant BTC symbol to protest the country’s soaring inflation.
Argentina’s new president has been very vocal about his criticism of the central bank, previously saying: “The central bank is a scam, a mechanism by which politicians deceive good people with inflationary taxes.” » After that, he commented on Bitcoin, saying that it “represents the return of money to its original creator, the private sector,” and that “it stops politicians from stealing from you through inflation.”
He also appeared on a TV show in the past, mercilessly hitting a central bank piñata with a stick.
While the future of Bitcoin remains uncertain in Argentina at the moment, Javier Milei’s inauguration is hopefully one step closer to the country joining El Salvador in officially adopting Bitcoin as legal tender and holding it as a reserve asset.