Argentine libertarian Presidential candidate and Bitcoin enthusiast Javier Milei has shocked the world by emerging victorious in Argentina’s recent primary elections. The pro-Bitcoin advocate scored the majority of the votes, making a stinging win during the Primaries on August 13.
Javier Milei Demolishes Electoral Competition
Javier Milei, an outspoken Argentine economist, is known for his sharp criticism of traditional politics and his fervent support of cryptocurrencies, including Bitcoin. Due to this, previous poll predictions had stated that Milei would score no higher than third place in the recent elections.
However, Milei decimated the August elections with a stunning display of voter support, accumulating over 30% of the 90% of votes counted. Milei leads the libertarian party, “La Libertad Avanza” and the party is dominating with 32% of votes.
In comparison, Argentine presidential candidates like Patricia Bullrich in “Juntos por el Cambio” (Together for Change) party received 28.14% votes, and Sergio Massa in “Unidos por la Patria” (Union for the Homeland) party received 26.84% votes.
From the onset, Milei has attracted the attention of the Argentine population through his outspoken support of cryptocurrency, lack of political interventions, and the abolishment of the country’s central bank.
Milei has stated that the country’s central banks should be destroyed to eliminate corrupt political authorities that influence the country’s economy and inflation rates. He has also said that Argentina’s adoption of bitcoin cryptocurrency would help create a more stable and accountable government, reducing government bureaucracy and improving the country’s declining economy.
“The central bank is a scam, a mechanism by which politicians cheat the good people with inflationary tax,” Milei stated.
BTC price recovers after brief dip | Source: BTCUSD on Tradingview.com
Argentina Grapples with Spiraling Economic Crisis
The daily reality of the Argentine country is filled with significant growth fluctuations, high inflation, and a deteriorating GDP. Argentina’s inflation is the third highest in the world, following Venezuela and Lebanon. Reports also state that the country faces one of the worst economic crises since the depression from 1998 to 2002.
Recently, Argentina has hit new record lows against the dollar weekly. Since the beginning of 2023, the Argentine peso has lost 24% in value against the dollar, resulting in black market rates selling one dollar for 500 pesos. Argentina is also in debt, owing the International Monetary Fund (IMF) an astonishing $44 billion.
Milei’s approach toward adopting cryptocurrency triggers several governmental agencies, including the IMF, which strongly opposes Bitcoin cryptocurrency. Milei’s manifesto includes plans to dollarize the country’s economy, which aims to stabilize the country’s native currency.
Argentina’s current economic crisis has also struck a nerve in Argentines, with many young citizens strongly supporting Milei’s views and commitment to free-market policies.
Although Milei’s victory in the primaries is a positive step forward toward the general elections coming up on October 22, his success is not without controversy, as critics publicly oppose his policies and views.
Milei’s win in the August primary election also does not guarantee a win in the general election. However, his victory has undoubtedly upended the country’s political system and sparked conversations about Argentina’s future.
Featured image from Merco Press, chart from Tradingview.com