In a surprising twist in Argentina’s presidential election, pro-Bitcoin candidate Javier Gerardo Milei has emerged as a formidable contender, forcing a run-off election against current Economy Minister Sergio Massa after the first round of voting.
Javier Milei, a libertarian economist who has vowed to shut down the nation’s central bank and expressed support for Bitcoin, managed to secure 31.2% of the vote, a remarkable achievement for a candidate with limited prior political exposure.
Milei’s passionate advocacy for economic reform have resonated with a significant portion of the electorate. In August, Milei won the most votes in the country’s primary election, a fact owed to the nation’s ongoing economic crisis.
In past remarks, Milei has said he will address Argentina’s chronic economic woes, a message struck a chord with disillusioned voters. Argentina’s annual inflation rate was 124.4% in August, its highest level since 1991.
The upcoming run-off election, slated for November 19th, will see Milei face off against Sergio Massa, who secured 46.7% of the vote in the first round, but missed the majority threshold needed to claim victory outright. In order to win outright, either candidate would have needed to claim 40% of the vote, and to lead his political opponent by 10% of the vote, owing to election rules.
The outcome of the run-off could have a profound impact on Argentina’s economic policies and its role in the global cryptocurrency landscape.
Investors and crypto enthusiasts worldwide are closely watching this electoral showdown, anticipating its potential implications on the adoption of Bitcoin, and whether the nation could follow El Salvador’s landmark legal tender law, which in 2021 made the cryptocurrency a payment method across the country.