Javier Milei has become the new Argentine president. In the middle of the political day, the price of Bitcoin (BTC) experienced a new all-time high. According to the official exchange rate, the BTC price accumulates a historical increase of more than 414,000%.
Javier Milei has triumphed in the elections in Argentina to become the new president of the Republic. In the midst of the political day that will mark the future of the South American country, the price of Bitcoin (BTC) experienced a new all-time high.
According to preliminary results, the current Minister of Economy and candidate for the First Magistrate of the State, Sergio Massa, has recognized the victory of Javier Milei in the presidential elections of Argentina.
During election day and, taking into consideration the official rate, the price of Bitcoin in Argentina sharpened its upward trajectory and crossed the 13-million-peso mark for the first time in its history. Bitcoin is officially listed at 13.02 million pesos. In this way, it accumulates a historical increase of more than 414,000% and more than 100% in the last 6 months.
Crypto Industry Heavyweights React
When taking the “crypto dollar” data into account, the Bitcoin price is trading at 35.6 million Argentine pesos, after exceeding the 37 million pesos mark at the end of October, according to data from Ripio.
Javier Milei’s electoral victory in the presidential elections in Argentina was highlighted by important members of the crypto ecosystem, including Paolo Ardoino, recently appointed CEO of Teter, issuer of the largest stablecoin on the market.
The CEO of Tesla, SpaceX and owner of X (Twitter), Elon Musk, pointed out through the social network: “Prosperity is ahead for Argentina.” Similarly, Marcos Galperin, founder and CEO of Mercado Libre, expressed: “Free.”
A couple of factors could explain the extraordinary rally experienced by the price of Bitcoin in Argentina. Firstly, since last October, BTC has recorded a significant rally amid speculation of the possible approval of a Bitcoin spot ETF.
Amid the hype, the price of Bitcoin has accumulated an increase of 25% in the last 30 days, registering a maximum close to $38,000 on November 15, its highest price since May 2022.
BTC is trading at $37,257 after increasing almost 2% in the last 24 hours, according to data from BeInCrypto. On the other hand, the inflation that plagues the South American country shows no signs of slowing down. In this regard, inflation in Argentina reached 8.3% in October and accumulates more than 140% year-on-year.
Javier Milei is the New President of Argentina: Opinion on Bitcoin and Its War Against the Central Bank
Javier Milei had been classified by several analysts as “eccentric” and even a pro-Bitcoin supporter. On several occasions, the now president of Argentina was in favor of the use of virtual assets and the implementation of new technologies.
In addition to his statements in favor of Bitcoin, Milei has stood out for his war against the Central Bank of the Argentine Republic, pointing out on several occasions that this entity must disappear.
“The Central Bank is a scam. It is a mechanism by which politicians defraud good people with the inflation tax. Bitcoin represents the return of money to its original creator, which is the private sector. The problem is that the states will not give up the forced course of the issuance, because that is where they scam.”
What awaits Argentina in this new stage of its history? Only time will tell.
By Audy Castaneda