- As expected, after Bitcoin supporter candidate Javier Milei was elected as the new president of Argentina, the price of Bitcoin hit $37,000.
- Ray Dalio’s warning about the critical level of the US’s $33.7 trillion debt pile strengthened the “bull case for Bitcoin.”
- Milei is a vocal advocate for Bitcoin, known for his radical thoughts on eliminating the country’s central bank, and has openly recommended Bitcoin.
The elections in Argentina are changing the atmosphere in the crypto world: How can Argentina take steps regarding Bitcoin? Plans of Milei!
What Will Argentina’s Bitcoin Policy Be?
The much-discussed event in Argentina has now become a reality; they now have a president who supports Bitcoin. So, can we expect a wild surge in Bitcoin prices? Analysts are expecting to see above $40,000 soon. As expected, after Bitcoin supporter candidate Javier Milei was elected as the new president of Argentina, the price of Bitcoin hit $37,000.
When 87% of the votes were counted, Milei held 56% against Sergio Massa’s 44%. However, in the coming days, discover what awaits Bitcoin in economically balanced Argentina. The price of Bitcoin rose to $37,000 according to the data, doubling within the last year due to market volatility stemming from the US’s situation with Bitcoin.
Ray Dalio’s warning about the critical level of the US’s $33.7 trillion debt pile strengthened the “bull case for Bitcoin.” The recent victory of XRP seems to indicate the beginning of a regulated era for crypto assets in the US. However, analysts attribute this increase largely to the Argentina election and specifically highlight Javier Milei’s impressive victory.
Milei is a vocal advocate for Bitcoin, known for his radical thoughts on eliminating the country’s central bank. While he has long been bullish on Bitcoin, many are questioning his post-victory stance on Bitcoin as he has not made statements about making Bitcoin a legal means of payment in the country.
His notable victory against Sergio Massa indicates Argentina’s desire for economic change amid inflation exceeding 142% and a crisis environment. Financial analyst Holger Zschaepitz observed a notable increase in the price of Bitcoin after the election. The election of a Bitcoin-supportive leader in a G-20 country promises positive crypto policies in the future.
Is Argentina the next crypto hub?
Argentina is already known as one of the most Bitcoin-friendly countries, but Milei’s presidency may encourage greater integration into the financial system and increased adoption of cryptocurrencies. His administration is expected to provide more support for the crypto industry and create a favorable environment for digital assets like Bitcoin. As a result, the global crypto community is closely watching Milei’s leadership, expecting his potential impact to turn Argentina into a development center for digital currencies amid economic challenges.
To elevate Bitcoin standards, an analyst confirmed a BTC prediction up to $50,000 on November 19 and emphasized Bitcoin’s efforts to surpass $40,000. Highlighting $39,000 as a critical level, he predicts BTC/USD to stabilize in this range until the next block reward halving event; aligning with the rally prediction from the previous block reward halving a year ago.
