The second round of voting for president in Argentina took place on November 19. Javier Milei, a Bitcoin fanatic who is also known for criticizing Argentina’s central bank, won the race.
Based on the numbers put together by Bloomberg, Milei has a big lead of about 3 million votes after getting more than 55% of the votes cast. Nearly all of the votes have been counted and the results are considered completely unbiased.
Sergio Massa, Milei’s defeated opponent, quickly gave up the election to Milei after more than 90% of the votes were counted, even before the official results were made public. Massa is now the country’s minister of economy.
All eyes are on the subsequent events and policy adjustments that may alter Argentina’s economic landscape under this new leadership, as Milei is due to be sworn in as mayor on the 10th of December.
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Argentina is Facing High Inflation Issue
Argentina has been going through a long-lasting inflation problem for the past year and a half. A 140% increase in yearly inflation has been a big sign of this. A lot of people, including Milei, have said bad things about the country’s central bank.
He has called it a scam and a tool that leaders use to tax everyone with inflation. He hasn’t said that he wants to make Bitcoin a legal way to pay in the country, even if he thinks it’s a step toward giving up control of monetary policy to the private sector.
While Milei sees money, banks, and cryptocurrencies through Milei’s eyes, Massa sees them very differently. Back in October, he promised that if he won the election, he would set up a central bank digital currency (CBDC).
He put this forward as a way for Argentina to fix its price issues. Massa won the first round of votes for president, which happened in October. Still, Massa didn’t get enough votes to win the office easily, so there had to be a run-off election.
Javier Milei had already shown how good he was at politics by winning the primary election in August, beating not only Sergio Massa but also some other tough candidates. This win proved that he could be a politician or maybe that he is destined to be one.
It was this early win that set him up for his most recent victory in the presidential run-off race, which solidified his power in Argentina’s politics.
In a larger sense, the outcome of the election illustrates how split people are in Argentina’s political landscape, particularly when it comes to significant subjects such as money, cryptocurrency, and economic policy.
Melei Support for Bitcoin
Milei’s support for Bitcoin and strong criticism of the central bank are both consistent with the idea that certain individuals in the nation are seeking for other solutions to tackle the challenges the country is having with its economy.
As Milei gets ready to take office on December 10, there is a lot of interest in how the government will handle issues like inflation and the role of cryptocurrencies and how economic policies might change.
Policymakers will likely be influenced by different ideas about the country’s economic future over the next few years and they are particularly to see how the government changes as the new leader comes on the throne.
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