Bitcoin-candidate continues to lead Argentinian election poll

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Last Updated on 6 November 2023 by CryptoTips.eu

Mid-August, Bitcoin rose to a record high in Argentina after the first round of presidential elections (in which parties mainly present their candidates) resulted in a surprise victory for right-wing populist and Bitcoin fan Javier Milei.

Three weeks later, the largest digital currency continues to trade around the same level as it becomes clear that Milei continues to dominate the current election polls. Will we see a Bitcoin-friendly president in a major South American country in October? It’s quite possible.

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Milei promised radical reforms if he wins the elections in October. He plans to abolish the central bank, replace the Argentine Peso with the US dollar and he is a big fan of Bitcoin, which more and more Argentinians are using to combat super-high inflation in their country.

The Financial Times showed in an overview piece this Monday that Milei can certainly win in October, even though they claim it was unclear how the central bank would be abolished.

In an interview with US business website The Street, Latin America expert Mauricio Di Bartolomeo said last week:

The Argentine Central Bank and the Minister of Finance, they haven’t necessarily been the friendliest towards Bitcoin and crypto.

There’s this narrative in Argentina that the regulator of today, the incumbents, have it out for Bitcoin, because it enables people to effectively move away from pesos and into dollars or into crypto. And so my understanding from the people I’ve spoken with is that the current government is not the biggest supporter of Bitcoin and crypto.

 

I think that people in Argentina have been facing hyperinflation now for many months – many years, and they have found solutions in Bitcoin. So, if a person is supporting the thing that has benefited them, you have an incentive to say: ‘This guy gets me.”

At the time of writing, Bitcoin is trading at around 9 million pesos in Argentina, up some 200% from the beginning of the year. Inflation in the country is already higher than 100%.

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Jeroen Kok

Jeroen is one of the lead copywriters on Cryptotips.eu and discusses all recent events in the crypto market. This includes news updates, but also price analyzes and more. He developed his passion for cryptocurrency during the bull run in 2017. He has learned a lot since then. The combination of cryptocurrency and creative writing is perfect for Jeroen and an excellent way to share his knowledge with a wide audience. Find me on LinkedIn / [email protected]
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