Bitcoin Prices Soar in Argentina as Inflation Takes Its Toll
Bitcoin prices in Argentina have reached record highs as the country battles with severe inflation. The presidential race has also become a three-way competition, with a surprise win by far-right firebrand Javier Milei. Here are the key points:
- Bitcoin reached its highest-ever price in terms of Argentinian Pesos, surpassing 8.4 million ARS for one BTC.
- Bitcoin prices in Argentina have surged by 188% since the beginning of the year, compared to a global increase of 78% in USD.
- Argentina is suffering from massive levels of inflation, with a 63% increase over the past 12 months, reaching 116%.
- Javier Milei, a libertarian economist, gained 30.5% of the vote in a primary election, far exceeding predictions.
- Milei proposes replacing the Argentine peso with the US dollar and reducing government spending, but has not yet mentioned adopting Bitcoin like El Salvador.
Milei’s Push for Change
Javier Milei is a pro-Bitcoin candidate who aims to bring about a “moral revolution” in Argentina. His popularity stems from his promises to tackle inflation and improve conditions for the 40% of the population living in poverty. Key details include:
- Milei wants to abolish Argentina’s central bank, which he considers a scam that enables politicians to impose an inflationary tax on the people.
- He believes that Bitcoin represents a return to private sector control over money.
- Former President Mauricio Macri sees Milei’s rise as a reflection of people’s frustration with politics.
The Road Ahead
Argentina’s general presidential election will take place on October 22. To secure the presidency, a candidate must receive at least 45% of the votes. If no candidate reaches this threshold, a runoff vote will be held in November.
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