Bitcoin proponent wins Argentine presidential election

For the next four years, Bitcoin (BTC) proponent Javier Milei will be President of Argentina. Yesterday, Argentines went to the polls for the second time to elect the “savior” from the country’s skyrocketing inflation and growing poverty. The controversial Milei has convincingly won the hearts of the Argentine people.

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New Argentine Bitcoin-Friendly President

Milei, an ultra-liberal newcomer, ran against Sergio Massa, Argentina’s current economy minister. During the first round of voting on October 22, no final winner could be determined, so the choice for the Argentine people was limited to these two.

In the first round of voting, Massa managed to collect the most votes, but now Milei won by a clear margin. Bloomberg data shows that Milei received as many as 55.69 percent of the total votes. A total of 99.28 percent of all valid votes were counted, which corresponds to almost 26 million.

Both candidates had Bitcoin-friendly plans, but Milei was a more vocal supporter of the decentralized currency. In keeping with the Bitcoin philosophy, he has heavily criticized the country’s central bank, calling it a fraud and a “mechanism through which politicians cheat the good people with inflation taxes.”

To combat massive inflation, Milei plans to completely abolish the central bank and introduce the US dollar as the national currency. Furthermore, in his opinion, Bitcoin would give power back to the Argentine people. However, he has not yet expressed any intentions to actually adopt Bitcoin as legal tender.

The right-wing libertarian and also a lawyer from the capital Buenos Aires also represents many controversial views. For example, he denies climate change, wants people to be able to buy firearms more easily and believes that the sale of human organs should be legal. Because of his populist approach, some also compared him to former American President Donald Trump.

Milei will take office as Argentina’s new president on December 10th.

President’s Loser: CBDC Proponents and BTC Mining Plans

Massa, the big loser of the presidential contest, advocated the introduction of one Central Bank Digital Durency (CBDC), a digital currency issued by the central bank to solve the long-standing inflation crisis.

Bitcoin also played a certain role in Massa’s ideas. He had plans to mine Bitcoin using excess natural gas from the Vaca Muerte shale formation to fuel operations.

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