Javier Miley, a bitcoin supporter, became President of Argentina

20.11.2023 10:32

Javier Miley became the President of Argentina with a margin of 11.4% after counting 99.3% of the votes. In the past, the libertarian MP announced his intention to "burn" the Central Bank and abandon the peso in favor of the dollar to defeat inflation.

Miley's opponent, Economy Minister Sergio Massa, admitted defeat. The inauguration will take place on December 10.

Data: Bloomberg.

Miley is a supporter of bitcoin, and for his behavior he is often compared to Donald Trump.

Argentina is experiencing a permanent economic crisis, declaring defaults on sovereign debt and facing hyperinflation and devaluation of the national currency. 40% of the population are below the poverty line, according to Bloomberg.

Annual inflation rates. Data: TradingEconomics.

The future president of Argentina is known for attacking the country's central bank. He called it a fraud and "a mechanism by which politicians deceive good people with an inflationary tax." 

In bitcoin, Miley sees "a return of money to their original creator — the private sector." At the same time, the politician did not declare his intention to approve digital gold as a means of payment, as the authorities of El Salvador and the Central African Republic did.

The announcement of the preliminary results of the Argentine presidential election provoked a jump in the first cryptocurrency to $37,500. In the following hours, the quotes lost most of their growth. Daily rates weakened to 1.5%, according to CoinGecko.

15-minute BTC/USDT chart of the Binance exchange. Data: TradingView.

Recall that in 2022, Miley was sued for promoting an alleged cryptocurrency Ponzi scheme.

In 2023, the Central Bank of Argentina proposed new guidelines that could complicate the work of companies related to digital assets.


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