In a surprising turn in Argentina’s presidential election, pro-bitcoin candidate Javier Gerardo Milei emerged as a formidable contender, forcing a runoff against incumbent Economy Minister Sergio Massa after the first round of voting.
Javier Milei, a libertarian economist who promised to close the nation’s central bank and expressed support for bitcoin, managed to obtain 31.2% of the vote, a notable achievement for a candidate with limited previous political exposure.
Milei’s passionate advocacy for economic reform has resonated with a significant portion of the electorate. In August, Milei wonthe most votes in the country’s primary electionsa fact due to the current economic crisis in the country.
In earlier comments, Milei said he would address Argentina’s chronic economic problems, a message that struck a chord with disillusioned voters. Argentina’s annual inflation rate was124.4% in Augustits highest level since 1991.
In the next second round, scheduled for November 19, Milei will face Sergio Massa, who obtained 46.7% of the votes in the first round, but did not reach the majority threshold necessary to claim absolute victory. To win directly, either candidate would have needed to obtain 40% of the vote and lead his political opponent by 10% of the vote, due to electoral rules.
The result of the second round could have a profound impact on Argentina’s economic policies and its role in the global cryptocurrency landscape.
Investors and cryptocurrency enthusiasts around the world are watching this election showdown closely, anticipating its possible implications on bitcoin adoption and whether the nation could follow El Salvador’s historic legal tender law, which in 2021 made the cryptocurrency in one payment method throughout the country.
