Javier Milei has won a decisive victory in Argentina’s presidential run-off election, securing over 55% of the votes and marking a pivotal moment in the country’s political and economic landscape. His inauguration is set for December 10th, and his election centered around the nation’s severe inflation crisis and economic challenges.
Argentina faces daunting economic challenges, with nearly 40% of its population living in poverty and inflation rates soaring around 150%. The economy is on the brink of contraction, and the government is cut off from international capital markets. The central bank’s depleted reserves have heightened fears of a return to hyperinflation, a scenario Argentina hasn’t faced in nearly three decades.
Milei has been a vocal critic of Argentina’s central bank and has a pro-Bitcoin stance, advocating for the return of money creation to the private sector. His victory positively impacted Bitcoin, which saw a nearly 3% increase in value following the announcement of his win, reaching $37,350.