Bitcoin Advocate Javier Milei Secures Victory in Argentina's Presidential Election

After 99% of the polls recorded the runoff president choice, Milei had more than 55% of the total. 

Source: sanluis24.com.ar

On November 19 with Argentina's welcoming of Bitcoin, the nation's presidential runoff vote was won by Javier Milei against Sergio Massa. In accordance with Bloomberg statistics, Milei led by approximately 3 million votes and had more than 55 percent of the total votes cast when almost ninety-nine percent of the ballots were counted. Although the final outcomes were announced, Massa, the nation's minister of economics, contacted Milei to congratulate him on his win, since over ninety percent of the ballots had been tabulated. Milei is scheduled to start work on December 10. With the Argentine peso witnessing an average yearly inflation surge of over 140% in the twelve months prior, the country's protracted inflation issue has generated significant debate across South America.

As a system by which legislators cheat those who are charitable with inflationary tax, Milei was outspoken in his disapproval of the nation's central bank, calling it an elaborate fraud. In comparison with a few of the fiat currencies that are most prone to inflation worldwide, the value of Bitcoin (BTC) has surpassed fresh record levels.

On October 23 and 24, the cost of buying one Bitcoin with the Argentine peso, Turkish lira, Nigerian naira,  Egyptian pound, and Laotian kip surged to unprecedented levels throughout the period of several hours. It is important to remember that the outcome is the consequence of the continued depreciation of the currencies, which has been made worse by the most recent 16% spike in the value of Bitcoin. The peso is barely 0.85% from the highest point in its history (against the U.S. dollar), while the naira and lira reached their lowest values ever on October 24 and October 25. In the meantime, the result of Argentina's presidential primary in November might have an impact on the country's inflation issue.

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