Miley's victory in the elections in Argentina brought bitcoin in pesos closer to ATH

20.11.2023 17:37

Bitcoin paired with ARS approached a record high after reports of the victory in the presidential election of the supporter of digital gold Javier Miley.

After counting 99.3% of the votes, he was ahead of his rival Sergio Massa by 11.4% of the votes. The latter admitted defeat.

The future president of Argentina (the inauguration will take place on December 10) is known for attacks on 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 "the return of money to their original creator — the private sector." At the same time, the politician has not yet announced his intention to approve digital gold as a means of payment, as the authorities of El Salvador and the Central African Republic have done.

Miley was congratulated by prominent apologists of the first cryptocurrency, including MicroStrategy founder Michael Saylor.

#Bitcoin is hope for Argentina. Congratulations @JMilei.

— Michael Saylor⚡️ (@saylor) November 20, 2023

"Bitcoin is the hope for Argentina. Congratulations," he wrote.

Experts interviewed by The Guardian, on the contrary, predict "social chaos and destruction" for the second economy of South America.  

According to CoinGecko, the BTC/ARS rate jumped by more than 2.5%, to 13.2 million pesos. 

Currently, digital gold is valued at 13.18 million pesos, the daily growth rate has weakened to 2.4%.

Data: CoinGecko.

For comparison, in US dollars, the growth is estimated at 1.9%. At the same time, the peso strengthened against the USD by 0.1%.

On the local market, bitcoin reached ATH (13.37 million) on November 16, when the majority of participants in the decentralized Polymarket prediction market bet on Miley's victory.

Data: Polymarket.

On August 13, digital gold immediately rose in price by 20%, to 10.2 million pesos. The movement was a reaction to the victory of the future president in the primaries.  

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.

Back to the list