Argentina today elected libertarian candidate Javier Milei as its new president, choosing a name with radical views to fix the economy shaken by triple-digit inflation, impending recession and increasing poverty.
Milei is known for being a staunch Bitcoin supporter. When it comes to Bitcoin, Milei speaks positively about BTC, saying that Bitcoin “represents the return of money to the private sector, which is its true owner.”
During the rise following Milei's election as president, a $13 million short position was liquidated.
However, Milei also caused controversy by promoting the crypto pyramid scheme CoinX on her popular Instagram account. The presidential candidate had touted the project as a way for Argentines to escape inflation.
Milei has supported questionable digital asset platforms as well as Ethereum in the past.
Still, Milei is more cautious than El Salvador's Bitcoin-loving ruler Nayib Bukele. While Bukele makes Bitcoin an official currency, Milei has no such intention. Instead, he wants to replace the Argentine Peso with the US dollar, which would increase the power of the Federal Reserve and the Bank for International Settlements.
Official results have not yet been announced, but his rival, Economy Minister Sergio Massa, admitted in a speech that he lost the election. Massa's candidacy was hampered by the country's worst economic crisis in two decades while he was in office.
Milei promises economic shock therapy. His plans include closing the central bank, removing the peso from circulation and cutting spending. These reforms resonated with voters angry at the poor economy and feared austerity in others.
*This is not investment advice.
