Late Sunday night time, it was confirmed that Bitcoin pleasant candidate Javier Milei formally gained Argentina’s presidential election, beating his opponent Sergio Massa by 2,786,457 votes. The brand new president will now take workplace on December 10.
Bloomberg
Whereas Milei has not but advocated for Bitcoin for use as authorized tender or to carry BTC as a reserve asset, he does has plans to scrape the Argentine peso and substitute it with the US greenback. Final Monday, the Argentine peso noticed its hyperinflation rise to 143% and rising, leaving the nation financially ruined and in determined want of change.
Earlier this yr, tons of of Argentines gathered in help of Bitcoin, forming the form of an enormous BTC image to protest the rampant inflation plaguing the nation.
The brand new president of Argentina has been very vocal about his criticisms of central banking, beforehand stating “The central financial institution is a rip-off, a mechanism by which politicians cheat the great folks with inflationary tax.” After that he commented on Bitcoin, saying that it “represents the return of cash to its unique creator, the personal sector,” and that “it prevents politicians from robbing you thru inflation.”
He has additionally featured on a TV present previously, mercilessly beating a piñata of a central financial institution with a stick.
Whereas the way forward for Bitcoin stays unsure in Argentina in the intervening time, Javier Milei being sworn into workplace is hopefully one step nearer to the nation becoming a member of El Salvador in formally adopting Bitcoin as authorized tender and holding it as a reserve asset.
