Bitcoin-friendly politician Javier Milei won Argentina’s presidential election with more than 55% votes in his favor, pushing ahead of his opponent Sergio Massa.
This means that he leads his opponent with over 3 million votes. The news of his victory led to a surge in the price of the flagship cryptocurrency. At the time of this writing, Bitcoin was trading at $37,211.06, up by 1.54% within the last 24 hours.
Opposing Crypto Opinions in Argentina
Milei has received several congratulatory messages from top officials including Massa, his opponent, and the country’s minister of economy. The self-described anarcho-capitalist is billed to come into office by December 10.
Noteworthy, Massa and Milei have conflicting opinions about the financial industry in Argentina. The former is pushing for the development and implementation of a Central Bank Digital Currency (CBDC) Digital Peso. He went as far as declaring that he would implement the offering once he became elected as president of Argentina.
Argentina Doubles Down on Digital Peso
The apex bank is in support of Massa’s move. Last month, Juan Agustín D’Attellis Noguera, a director at the Central Bank of Argentina voiced the bank’s support for Massa’s CBDC proposal. Before the election, the central bank had doubled down on its effort to issue a Digital Peso. Some legislative endeavors have been expedited to usher in the CBDC.
It is not yet clear if Bitcoin will become a legal tender in Argentina like El Salvador, seeing that its new administration is quite supportive of the cryptocurrency.
Inflation Plagues Argentina’s Economy
Markedly, Milei has been a core proponent of Bitcoin, referring to the digital asset as a movement toward “the return of money to its original creator, the private sector.” He stated that while considering Argentina’s long-lasting inflation crisis which has plagued the country and remained a source of concern for the South American nation.
Within the last year, Argentine Peso has seen up to 140% increase in inflation. Owing to this, the Bitcoin Marxist constantly criticized the work of the country’s central bank, referring to it as a scam designed for politicians to cheat people with inflationary tax. In his opinion, BTC is a better alternative to whatever the Central Bank of Argentina is offering.