(BTC) experienced a rapid recovery today, surging by 2% and surpassing the $37,200 level, as Argentina elected Javier Milei as its new President.
- Milei, has criticized the country’s central bank as a fraud and described it as a mechanism for politicians to deceive the public with inflation taxes.
- Massa won the first round of the October presidential election in Argentina. However, this success did not secure an absolute victory and required a final second-round vote.
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Argentina Elects a New President: Javier Milei Receives Significant Support from the Bitcoin Community, and His Moves Regarding Bitcoin Are a Matter of Curiosity!
Milei Gains Recognition in the Bitcoin Community
Bitcoin (BTC) surged by 2% today, crossing the $37,200 level rapidly, as Argentina elected Javier Milei as the new President. When approximately 99% of the votes were counted, Milei won with over 55%, leading by nearly a 3 million-vote margin, according to the data.
The country’s economy minister Massa extended his congratulations to Milei before the official results were announced when over 90% of the votes were counted. Milei will assume office on December 10.
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Argentina has been facing a persistent inflation crisis, with the annual inflation rate of the Argentine peso exceeding 140% in the last 12 months. Many crypto advocates argue that Argentina should embrace Bitcoin as an inflation-resistant hedge. Therefore, some prominent Bitcoin supporters are also celebrating Milei’s victory.
Milei has condemned the country’s central bank as a fraud and labeled it as a mechanism for politicians to deceive the public with inflation taxes. He also views Bitcoin as a movement to “return money to its original creator, the private sector.” In a previous interview, Milei stated:
“They defraud you with legal tender through an inflation tax… Bitcoin is a natural reaction against central bank fraudsters; it makes money private again.”
However, he has not shown a tendency to designate Bitcoin as the national legal tender. Yet, if he considers it, Argentina would become the second Latin American country to accept Bitcoin as legal tender after El Salvador.
Interestingly, Bitcoin maximalist Max Keiser said he expects three Latin American countries to make Bitcoin legal tender by early 2024. Michael Saylor, the founder of MicroStrategy, congratulated Milei, saying, “Bitcoin is hope for Argentina. Congratulations Milei.”
Massa’s views on the monetary system, banking, and the cryptocurrency industry sharply contrast with Milei’s. In October, he pledged to introduce a central bank digital currency (CBDC) if elected and aims to provide a “solution” to Argentina’s persistent inflation challenges.
Massa won the first round of the October presidential election in Argentina. However, this success did not secure an absolute victory and required a final second-round vote. Before that, Milei achieved victory by defeating Massa and other competitors in the August primaries.
Bitcoin Price Movement
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Many analysts are starting to adopt an extremely bullish view on Bitcoin. Ali Martinez suggests that we are at the beginning of a 700-day Bitcoin bull run that will continue until October 2025. Another analyst, Titan of Crypto, reaffirmed his pre-halving price prediction for BTC as $50,000 on November 19. Bitcoin is encountering strong resistance in its attempts to surpass the $40,000 level; last week’s efforts to exceed this level were unsuccessful.
Titan of Crypto also identified $39,000 as a critical threshold, indicating that this time it should ideally stabilize as the lower limit that BTC/USD needs to gain stability before the upcoming block reward halving event. The analyst stated, ‘The halving rally I told you about a year ago is now on target to reach the target range of $39,000 to $50,000.’