Javier Milei is the new president of the Republic of Argentina. Milei is known for his progressive views on digital currencies, he was elected the country’s new president. In a scenario where political uncertainty often shakes financial markets, Bitcoin (BTC) showed the opposite behavior, reaching a new all-time high.
In Argentina, election day was marked by a notable rise in Bitcoin. The cryptocurrency surpassed the barrier of 13 million Argentine pesos, an unprecedented milestone in its history. At the time of this report, Bitcoin was trading at 13,158,036.82 ARS, reflecting an increase of over 413,000% historically and over 100% in the last six months.
Bitcoin’s exchange rate in US Dollars was close to US$37,455.01, up 2.5% in the last 24 hours.
This significant increase can be partially attributed to the “crypto dollar” phenomenon, an alternative metric for the appreciation of Bitcoin in Argentina. According to this metric, Bitcoin reached around 35.6 million Argentine pesos, surpassing 37 million pesos at the end of October, according to data from Ripio.
BREAKING NEWS | Elections in Argentina: Peronist candidate Sergio Massa recognizes his defeat against Javier Milei.
“I have contacted Milei, to congratulate him, because the president that the majority of Argentines elected” https://t.co/syPjLJbOXy pic.twitter.com/9K9LB70W8O
— AlbertoRodNews (@AlbertoRodNews) November 19, 2023
The Argentine electoral scenario did not go unnoticed in the cryptocurrency ecosystem. Paolo Ardoino, CEO of Tether, one of the main stablecoin issuing companies, highlighted the relevance of these events.
— Paolo Ardoino 🍐 (@paoloardoino) November 19, 2023
Javier Milei, the president-elect, is a figure who has attracted the attention of many in the cryptocurrency sector. Known for his positions in favor of the use of digital assets and the adoption of new technologies, Milei has also taken a strong stance against the Central Bank of Argentina.
He has already expressed, on several occasions, that “The Central Bank is a scam. It is a mechanism by which politicians defraud good people with inflation taxes. Bitcoin represents the return of money to its original creator, which is the private sector. The problem is that the states will not give up the forced issuance, because that is where they cheat.”
Milei’s victory could signal a new era for cryptocurrencies in Argentina, a country historically marked by economic challenges and inflation. While some see Bitcoin as a refuge against financial instability, others see an opportunity for innovation and technological advancement under Milei’s leadership.
The views and opinions expressed by the author, or anyone mentioned in this article, are for informational purposes only and do not constitute financial, investment or other advice. Investing in or trading cryptocurrencies carries a risk of financial loss.