Argentina has a new president

The world’s greatest cryptocurrency, Bitcoin, rose somewhat by three% following information that Javier Milei was elected president of Argentina.

Argentina has a new president: Bitcoin selling price greater somewhat

According to the preliminary effects of the vote count on the morning of November twenty (Vietnam time), Argentine presidential candidate Javier Milei will turn out to be the new leader of the Latin American nation.

Specifically, with a vote count fee of 93.four% as of this creating, Milei obtained fifty five.eight% of the votes, a great deal extra than his direct opponent, Economy Minister Sergio Massa.

Javier Milei is the individual the Argentine individuals believe in to make main improvements to the country’s economic system, which has been residing in a state of stagnation with a galloping inflation fee for 10 many years. In October 2023, inflation in Argentina reached a record large of 142.9%.

Milei isn’t going to have a great deal political encounter, initially as a reporter who generally criticized bad financial policies and corruption in Argentina. The election of this figure is a indicator that the Argentine individuals are also fed up with the leadership of the Peron faction, which has governed the nation due to the fact the founding of the republic in 1983.

Statistics on the inflation fee in Argentina. Source: Bloomberg

During the election campaign, Milei created many reform commitments, this kind of as cutting public investing by up to 15% to conserve the spending budget, closing the country’s central financial institution and getting rid of the Argentine peso for funds transfers, as very well as l the use of US bucks as a legal suggests of payment. currency. The candidate often demonstrates up at campaign occasions with a chainsaw to reaffirm his dedication to cutting investing. Milei’s sturdy persona and statements calling for financial reforms reminded numerous individuals of the picture of former US President Donald Trump.

However, the correct-wing politician has created numerous controversial statements about trade relations with China, climate alter and even Argentina’s Pope Francis.

CNN commented that if Mr. Milei genuinely will lead Argentina to use the US dollar, this will be an unprecedented policy in the globe, since until eventually now there has been no economic system on the scale of Argentina, offering up the nationwide currency of very own nation and agree to be dependent on the financial policy of the United States. According to World Bank information, Argentina’s GDP will attain $632.seven billion in 2022, the 2nd highest degree in historical past.

Furthermore, the new President has also created numerous feedback praising cryptocurrencies in the previous. When asked about Bitcoin, Mr. Milei mentioned:

“We must understand that central banking is a false concept. What Bitcoin represents is returning money to its origins, the private sector.”

Despite this, Mr. Milei did not when mention the acceptance of Bitcoin as a payment currency, which was implemented by a Latin American nation that also chooses to use US bucks as its community currency, El Salvador, in 2021 . .

The selling price of bitcoin in the early morning of November twenty greater from USD 36,980 to USD 37,500 right after the information that Javier Milei was elected president of Argentina.

15-month chart of the BTC/USDT pair on Binance as of 08:50 on November twenty, 2023