Bitcoin Soars as Pro-Bitcoin Leader Milei Secures Victory in Argentina
Argentina’s presidential election has resulted in a surprising win for far-right libertarian outsider Javier Milei, causing a 2% surge in Bitcoin (BTC) and surpassing $37,200. The crypto community is celebrating this outcome due to Milei’s support for Bitcoin and his criticism of central banks, which he deems as a scam.
Pro-Bitcoin Leader Milei’s Victory
Javier Milei emerged victorious with an impressive 55% of the votes, securing a substantial lead of almost 3 million votes more than his closest competitor. He is set to assume office on December 10, and the crypto community will closely observe his policies.
Inflation at its peak in Argentina
Argentina is currently grappling with severe inflation, with the peso’s annual rate surpassing 140%. Critics believe that Milei’s win presents an opportunity for change as he endorses Bitcoin as a hedge against inflationary taxes. Though Bitcoin is not considered legal tender yet in Argentina, his victory sparks hope for change in the nation’s monetary policies.
Bitcoin Price Movement
Renowned analyst Ali Martinez predicts a bullish trajectory for Bitcoin as it gears up for the next halving, with some forecasting a 700-day bull run until October 2025. Bitcoin’s current price of around $37,117 is being closely monitored for potential altcoin breakouts.
Hot Take: The Impact of Milei’s Victory on Bitcoin and Argentina’s Economy
Javier Milei’s victory in Argentina’s presidential election has had a swift impact on Bitcoin’s value and brought hope to the crypto community. With his pro-Bitcoin stance and criticism of central banks, Milei’s win signifies potential changes in Argentina’s monetary policies, making it a critical time for the crypto industry to watch closely.
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