Bitcoin price reached an all-time high in Argentina, surpassing 8.4 million pesos per BTC due to rampant inflation. Far-right outsider Javier Milei, who proposed replacing the Argentine peso with the US dollar, won a stunning primary victory. Milei, a pro-Bitcoin anarchy-capitalist, criticized Argentina’s central bank and advocated for the return of money to the private sector.
Milei and his group La Libertad Avanza led the presidential race with more than 30% of the votes. The vast majority of polls gave the eccentric Milei around 20% of voting intentions, ten points behind the other two coalitions that, together, have starred in the so-called “rift” that has divided the country politically for the last 20 years.
This result leaves Milei, currently a national deputy, as the favorite for the general elections on October 22, ahead of the winners of the Juntos por el Cambio internships, Macri’s former Security Minister, Patricia Bullrich, and the ruling party, the current Minister of Economy, Sergio Massa.
Bitcoin prices have hit an all-time high in Argentina as inflation continues to ravage the Latin American nation’s economy. Furthermore, the country’s presidential race is turning into a three-way contest.
Bitcoin has reached its highest price in terms of Argentine pesos, surpassing 8.4 million ARS for one BTC over the weekend.
Bitcoin: A Wild Rally in Argentina
The price of BTC in Argentina has increased by 188% since the beginning of the year. Comparatively, global dollar prices have gained around 78% over the same period.
Argentina is suffering from epic levels of inflation, which has skyrocketed from 63% in the past 12 months to 116%, according to Trading Economics. Such monumental inflation has paved the way for a big presidential surprise. Far-right outsider Javier Milei won a stunning victory in the Aug. 13 primary election.
The libertarian economist got 30.5% of the votes, well above expectations, according to reports. The main conservative opposition bloc, ‘Together for Change’, trailed behind with 28%, and the ruling Peronist coalition came in third with 27%.
Miley said that “A different Argentina is impossible with the same old things that have always failed.”
The population is increasingly discontent with crippling inflation and the high cost of living. Earlier this year, Milei opined: “Obviously, as inflation goes up, more people intend to vote for me.”
Milei presents himself as a savior in a “moral revolution” and is popular with almost 40% of the population living in poverty. The libertarian economist has proposed exchanging the Argentine peso for the US dollar, as the national currency and drastically cutting public spending. However, he has yet to mention joining El Salvador in adopting Bitcoin.
Argentina’s general presidential elections will take place on October 22. To win the presidency, a candidate must obtain at least 45% of the vote. Failure to do so will result in a final runoff in November.
A Pro-Bitcoin Candidate
Milei is a self-described pro-Bitcoin anarchy-capitalist who has called for the abolition of Argentina’s central bank, calling it a scam. “The central bank is a scam, a mechanism by which politicians cheat good people with inflationary taxes,” he previously argued. Milei has also commented on Bitcoin, stating that it “represents the return of money to its original creator, the private sector.”
Former conservative president Mauricio Macri commented the following:
“Milei’s growth is a surprise. This speaks of people’s anger with politics.”
By Audy Castaneda
